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4b 


Govern^ 


t57 


7?  Ontario 


ninety-fifth  ANNUAL  REPORT 

of  the 

Superintendent  of  Insurance 

for  the  province  of 
Ontario 

Business  of  19 


TORONTO 
1974 


Ontario 


ninety-fifth  ANNUAL  REPORT 

of  the 

Superintendent  of  Insurance 

for  the  province  of 
Ontario 

Business  of  1973 


TORONTO 
1974 


CONTENTS 


Page 

Letter  of  Transmittal  

Index  and  Licence  Register  


XVII 


I.  -  ANNUAL  STATEMENTS 


(A)  Life  Insurance  Companies   j 

(B)  Other  Than  Life  Insurers     19C- 

(C)  Fraternal  Societies    

(D)  Lloyd's   HI 

II.  -  ANNUAL  STATEMENT  ABSTRACTS 

Assets  and  Liabilities;  Income  and  Expenditure,  etc.,  by  Classes  of  Insurers- 

(A)  Joint  Stock,  Cash  Mutual  and  Stock-Mutual  Insurance  Companies 

(0    Life   9RQ 

(ii)  Other  Than  Life   267 

(B)  Farmers'  Mutual  Insurance  Corporations   070 

(C)  Fraternal  Societies     9Q? 

(D)  Mutual  Benefit  Societies  [ .]'.]  [[[  [  [  [[[[[  [ 293 

III. -NON-PROFIT  HOSPITAL  AND  MEDICAL  SERVICES  ASSOCIATIONS 

Assets  

Liabilities   ■; *02 

Income  and  Expenses     onf 

Number  of  Subscribers  and  Persons  Covered  - 

Hospital  Plans   „A, 

Other  Plans  [[  [  ,'m\  [  [[[  []  [ 305 


307 


IV.  -  INVESTMENT  CONTRACT  COMPANIES 

Annual  Statements  

V.  -  STATISTICAL  TABLES 

Comparative  Summaries  for  Mutual  Fire  Insurance  Corporations  Not  Licensed  Under 
Dominion  Insurance  Acts: 

Table             I.  Assets,  Liabilities,  Amount  at  Risk,  etc...  Q17 

Table           II.  Cost  of  Insurance     0J7 

Underwriting  Experience  (Premiums  and  Losses)  for  year  1973 'by' Classes  of 'insurance, 
Reported  by  All  Insurers  Operating  m  Ontario: 

Table          III.  Life  Insurance  Companies  -  Premium  Income   318 

-r  u  1            lYr'  He  Jnsurance  Companies  -  Disbursements  to  Policyholders  320 

-tk  1            x             Insurance  Companies  -  Exhibit  of  Policies   322 

iable          VI.  Fraternal  Societies  -  Premium  Income  and  Disbursements  to  Certifi- 
cate Holders   32g 

Table         VII.  Fraternal  Societies  -  Exhibit  of  Life  Insurance  and  Annuity  'Certifi- 
cates  327 

Table       VIII.  Fraternal  Societies  -  Exhibit  of  Certificates  Other  than  Life  'insurance 

_  ,                           and  Annuity  Funds   090 

Table          IX.  Property     ^ 

Table           X.  Hail...   ....  ™ 

Table  XI.  Automobile.... 007 

Table  XI(a).  Automobile  -  Liability.  ^40 
Table      XI(b).  Automobile  -  Personal  Accident. . .  " 

Table      XI(c).  Automobile  -  Other     %2a 

Table        XII.  Fidelity                           "   "  ™ 

Table       XIII.  Surety:  

Table       XIV.  Liability   o„ 

Table         XV.  Boiler  and  Machinery     o?7 

Table        XVI.  Accident  and  Sickness                     " "  o^A 

Table      XVII.  Aircraft     gg 

Table     XVIII.  Credit     S£ 

Table       XIX.  Title     £g 

Table        XX.  Mortgage   ™* 

Table       XXI.  Marine   ^ '//////////////////^ 36^ 

Table      XXII.  Summary  of  Premiums  and  Losses  (Other  than  Life).  . . .  '.  .  .   .  .  .  .  .   .'  366 


Page 


R-i,    .1  mc€  Assumed  mdCededby  Insurers  Which  are  Limited  to  Contracts  of Reinsurance: 

Table  \  X  1 IIA    S  "<  >ther  than  Life"  classes  except  Property,  Automobile  and  Marine  367 

fable  XXIIIB.  Property   369 

Table  XXIIIC.  Automobile   079 

Table  XX1I1D.  Marine  

VI.  -  APPENDICES 

373 

L  Review  of  L973  Insurance  Legislation   374 

1 !  I  GSa^e^ond^- Lfai  of  (Guarantee  Companies  approved  for 'the  'purposes*  of  The 

Guarantee  Companies  Securities  Act   ^ 

IV.  Deposits  of  Insurers  •   375 

Y.  Guidelines  Issued  by  the  Superintendent  


[<v, 


Ontario 


MINISTRY  OF  CONSUMER  AND  COMMERCIAL  RELATIONS 
OFFICE  OF  THE  SUPERINTENDENT  OF  INSURANCE 


To  The  Honourable  J.  T.  Clement 

Minister  of  Consumer  and  Commercial  Relations 

I  have  the  honour  to  submit  herewith  the  Ninety-fifth  Annual  Report  of  the 
Superintendent  of  Insurance  showing  business  for  the  year  ended  December  31, 
1973. 

The  Report  is  arranged  in  six  divisions,  in  addition  to  an  index  of  all  insurers 
licensed  to  carry  on  business  in  Ontario  and  classes  of  insurance  for  which  author- 
ized. 

Division  I,  entitled  "Annual  Statements",  contains  extracts  from  the  Annual 
Statements  filed  by  all  licensed  insurers,  except  farmers'  mutual  insurance 
corporations,  mutual  benefit  societies  and  those  companies  which  are  registered 
under  either  The  Canadian  and  British  Insurance  Companies  Act,  1970,  or 
The  Foreign  Insurance  Companies  Act,  1970,  (Government  of  Canada  Acts). 
The  Officers  and  Directors  shown  are  those  reported  at  the  date  of  filing  the 
Annual  Statement. 


sum- 


Division  II,  entitled  "Annual  Statement  Abstracts,"  contains  tabulated  _ 
manes  showing  the  financial  condition  of  all  licensed  insurers  except  those 
registered  under  the  above-mentioned  Government  of  Canada  Insurance  Acts. 

The  figures  shown  are,  generally,  those  reported  by  companies.  Some  changes 
may  be  necessary  in  the  detailed  financial  statements,  as  a  result  of  examinations 
carried  out  prior  to  the  publication  of  the  next  Report.  These  changes  will  be 
shown  in  the  next  Report. 

Division  III,  entitled  "Non-profit  Hospital  and  Medical  Services  Associa- 
tions," contains  tables  showing  in  summary  form  the  assets,  liabilities,  income 


[v] 


y  i 


ANNUAL  REPORT 


and  expenditure,  together  with  the  number  of  subscribers  and  persons  covered 
for  all  associations  registered  under  The  Prepaid  Hospital  and  Medical  Services 
Act 

Division  IV,  entitled  "Investment  Contract  Companies,"  contains  extracts 
from  financial  statements  filed  with  the  Department  by  the  three  companies 
licensed  under  the  Investment  Contracts  Act. 

1  >ivision  V,  entitled  "Statistical  Tables,"  shows  in  tabular  form  the  premiums 
and  losses  and  underwriting  experience  in  Ontario  of  all  insurers  licensed  in 
the  Province  with  the  exception  of  mutual  benefit  societies  and  pension  fund 
associations.  Information  concerning  the  total  Canadian  business  of  these 
insurers  is  also  shown  in  these  tables. 

Because  the  statistical  tables  show  business  written  and  losses  incurred  on  a 
direct  basis,  there  are  also  tables  showing  the  business  of  those  insurers  licensed 
to  write  only  contracts  of  reinsurance.  These  tables  show  business  written  and 
losses  incurred  on  an  assumed,  ceded  and  net  basis. 

Division  VI,  entitled  "Appendices,"  shows  other  miscellaneous  information. 


Life  Insurance 

A  comparative  summary  of  premium  income  for  the  years  1970  to  1973  is 

shown  below: 


1973 

1972 

1971 

1970 

Premium  Income:* 

T                f  Ordinary  &  Industrial.  . 
Insurance  (  Group  y  

Totals  

$ 

511,300,462 
191,526,529 
475,223,701 

% 

480,506,970 
172,295,389 
375,934,372 

$ 

475,779,490 
148,161,212 
285,093,621 

$ 

452,125,559 
127,853,837 
203,164,739 

1,178,050,692 

1,028,736,731 

909,034,323 

783,144,135 

*Figures  are  "net"  for  1970  and  "direct"  for  1971,  1972  and  1973. 


SUPERINTENDENT  OF  INSURANCE 


VII 


The  following  sets  out  a  comparison  of  benefits  paid  for  the  years  1970  to  1973: 


1973 

1972 

1971 

1970 

Disbursements  to  policyholders: 
Insurance  Contracts: 

Ordinary  &  Industrial  

$ 

352,227,970 
150,468,414 

$ 

326,672,320 
134,214,031 

$ 

326,682,340 
121,058,298 

$ 

327,920,118 
109,607,850 

Annuity  Contracts: 

502,696,384 

460,886,351 

A  A*7   *7  Af\  COO 

447,740,638 

/1Q7  C07  OAC 

4o/  ,oz/  ,yoo 

51,946,105 
130,008,429 

At  1  a  r*  nor\ 

41,146,029 
111,677,993 

OK  O/IT  '71/1 

35, o4/,/ 14 
90,475,406 

oO,lo/  ,OoO 

91,577,418 

GRAND  TOTALS  

181,954,534 

152,824,022 

126,323,120 

127,765,104 

684,650,918 

613,710,373 

574,063,758 

565,293,072 

*Figures  are  "net"  for  1970  and  "direct"  for  1971,  1972  and  1973. 


A  comparative  summary  of  new  insurance  issued  and  in  force  for  the  years 
1970  to  1973  is  shown  below: 


Policies  in 
Ontario* 

1973 

1972 

1971 

1970 

New  Issued: 

382,362 
$8,078,155,864 
$21,127 

4,493,406 
$66,308,080,121 
$14,757 

373,445 
$7,763,462,712 
$20,789 

4,458,063 
$59,068,555,131 
$13,250 

379,060 
$7,089,462,064 
$18,703 

4,442,622 
$53,279,062,053 
$11,993 

363,048 
$5,877,460,182 
$16,189 

4,474,034 
$50,034,587,712 
$11,183 

Average  Policy  

In  Force  Dec.  31st: 

Number  

Average  Policy  

Figures  do  not  include  Segregated  Funds. 


Fraternal  Insurance 
The  following  table  sets  out  comparative  information  for  the  years  1970  to 
1973: 


1973 

1972 

1971 

1970 

$ 

$ 

$ 

$ 

Total  premiums  and  dues  in  Ontario.  . 
Disbursements  to  policyholders  and 
beneficiaries  (excluding  expenses) .  .  . 

Life  and  Annuity  certificates  in  force 

16,837,456 

7,504,821 
138,042,309 

828,429,656 

13,286,564 

6,255,584 
118,893,725 

801,166,894 

13,080,436 

6,138,197 
125,478,627 

720,891,996 

11,955,810 

5,865,254 
143,092,754 

670,759,672 

I  111 


ANNUAL  REPORT 


Automobile 


fhe  Following  tabulation  shows  the  premiums  and  losses: 


Ratio 

N  i-:  r 

Net 

Net 

Net  Losses 

Yeajr 

Trim n  ms 

Premiums 

Losses 

Incurred  to 

Wri  1 1  i  n 

Earned 

Incurred 

Net  Premiums 

Earned 

iff 

•Tp 

07 
70 

1945 

12,074,033 

11,996,282 

0,395,311 

53.3 

I960 

44,032,248 
83,9S4,902 

39,702,432 

22,321,583 

56.1 

1 055 

80,000,790 

40,127,230 

57.2 

I960 

128,235,039 

129,020,639 

74,028,714 

57.8 

L965 

225,059,453 

200,437,835 

138,053,308 

67.2 

1970 

377,898,37 1 

361,703,032 

244,828,896 

67.6 

Does  not  include  adjusting  expenses. 


Year 

Direct  Premiums 
Written 

Direct  Losses  and 
Adjustment  Expenses 
Incurred 

Ratio 

$ 

$ 

% 

1971 

426,893,403 

301,624,304 

70.7 

1972 

490,233,347 

355,347,338 

72.5 

1973 

548,791,552 

401,900,473 

73.2 

SUPERINTENDENT  OF  INSURANCE 


IX 


Automobile  Insurance  Rate  Differentials 

The  following  table  has  been  compiled  to  illustrate  the  prior  three  years' 
experience  of  the  average  loss  cost  per  car  insured,  each  year,  by  class  of  driver. 
The  experience  is  country-wide  and  it  should  be  emphasised  that  the  figures 
shown  refer  to  an  average  of  all  cars  insured  -  not  just  those  which  were  involved 
in  an  accident  during  the  period. 


Table  Illustrating  Reasons  for  Rate  Differentials 


Class  Description 

Average  Losses  per  Car  Insured 

Third  Party 
Claims 

$100  Deductible 
Collision  Claims 

1972 

1973 

1972 

1973 

% 

$ 

% 

s 

Average  for  All  Classes  

73 

78 

37 

41 

Married  Males  Over  24, 

Single  Males  Over  29  and 

Females  Over  24 

No  driving  to  work  

51 

56 

30 

33 

Up  to  10  miles  to  work 

68 

73 

36 

39 

Over  10  miles  to  work  

71 

76 

41 

44 

Business  driving  

92 

98 

55 

59 

Young  Drivers 

Occasional  Driving  Male  Drivers 

under  25  (Suppl.  to  principal  oper- 

ator rovpraorp^ 

62 

58 

32 

35 

Married  Males 

Ages  20  and  under  

141 

159 

76 

92 

Ages  21  to  24  

92 

97 

52 

58 

Unmarried  Males 

Ages  18  and  under  

267 

315 

169 

204 

Ages  19  and  20  

208 

235 

124 

149 

Ages  21  and  22  

163 

179 

95 

104 

Ages  23  and  24  

125 

133 

76 

84 

Ages  25  to  29  

124 

130 

73 

77 

Females 

Ages  20  and  under  

94 

108 

58 

71 

Ages  21  to  24  

74 

81 

48 

54 

I 


ANNUAL  REPORT 


Farmers'  Mutual  Fire  Insurance 
The  aggregate  experience  of  the  farm  mutual  fire  insurance  companies  in 
Ontario  is  summarized  below: 


Vfak 

N  1  1    1  SSI'  KANCl" 

in  Force 

Net  Losses  Incurred 

Surplus 

No.  of 

Amount 

C.  PER  $100 

of  Ins. 

Amount 

c.  PER  $100 
of  Ins. 

Companies 

trillions 
oft 

thousands 
oft 

thousands 
oft 

1931 
L941 
1951 
1901 
190S 
1909 
1970 

634 
583 
1,219 
1 ,922 
2,395 
2,529 
2,711 

2,393 
973 
1,007 
3,555* 
5,905* 
0,099* 
7,085* 

37.7 
16.7 
13.7 
18.5 
24.7 
26.5 
26.1 

635 
4,216 
8,404 
11,271 
16,291 
17,598 
19,227 

10.0 
72.3 
68.9 
58.6 
68.0 
69.6 
70.9 

69 
67 
66 
64 
61 
59 
58 

*  Before  recovery  from  Farm  Mutual  Reinsurance  Plan. 

Year 

Insurance 
in  Force 

Direct  Losses  Incurred 
and  Adjustment  Expenses 

Surplus 

No.  of 

Amount 

c.  PER  $100 
of  Ins. 

Amount 

c.  PER  $100 
of  Ins. 

Companies 

millions 
oft 

thousands 
of  $ 

thousands 
oft 

1971 
1972 
1973 

2,948 
3,123 
3,578 

8,075 
7,575 
8,466 

26.1 
24.3 
23.7 

20,780 
22,090 
25,185 

70.5 
70.7 
70.4 

56 
54 
53 

Licensed  Companies — December  31,  1973 

PROVINCIAL  AND  EXTRA-PROVINCIAL  COMPANIES 


No.  of  Companies 
31  December,  1972 

Additions* 

Withdrawals* 

No.  of  Companies 
31  December.  1973 

Ontario 

P^xtra- 
Pro- 
vincial 

Total 

Ontario 

Extra- 
Pro- 
vincial 

Total 

Ontario 

Extra- 
Pro- 
vincial 

Total 

Ontario 

Extra- 
Pro- 
vincial 

Total 

Life  

4 

8 

12 

4 

6 

8 

12 
6 

Other  than  Life.. 
Farm  Mutuals.  . 
Mut.  Ben.  Socs.. 

6 
21 
55 
59 

"l 

6 
28 
55 
59 

"i 

"1 

1 

3 

"i 

3 

21 
54 
57 

"7 

28 

54 
57 

Totals  

145 

15 

160 

i 

i 

4 

4 

142 

15 

157 

*Details  of  Additions  and  Withdrawals: 


Dereham  &  West  Oxford  Mutual  Fire  Insurance  Company  was  reinsured  by 
Nissouri  Farmers  Mutual  Fire  Insurance  Company,  effective  1  May,  1973. 

Toronto  Grand  Order  of  Israel  Mutual  Benefit  Society  was  licensed,  effective 
5  October,  1973. 


SUPERINTENDENT  OF  INSURANCE 


XI 


Dominion  Glass  Workers'  Mutual  Benefit  Society  of  Hamilton  was  dis- 
solved, effective  11  August,  1973. 

Sons  of  England  Benefit  Society  was  dissolved,  effective  9  July,  1973. 

Sons  and  Daughters  of  Ireland  Protestant  Association  ceased  to  write  insur- 
ance, effective  31  December,  1973. 

FEDERAL  AND  FOREIGN  COMPANIES 

108  Life  companies 
233  Casualty  companies 

12  Companies  writing  both  Life  and  Casualty 

31  Fraternal  societies 

For  a  complete  listing  of  additions  and  withdrawals,  please  refer  to  pages 
xxxix  and  XL. 

Insurance  Agents,  Brokers  and  Adjusters 

During  1973,  the  following  licences  were  issued: 

Life  insurance  agents  14,206 
Non-life  insurance  agents  9,009 
Adjusters  1,092 

24,307 

Included  in  the  total  of  life  insurance  agents  licensed  are  934  dual  licensed 
agents.  These  are  agents  who  are  also  registered  under  the  Ontario  Securities 
Act  to  act  as  salesmen  for  mutual  funds. 

Investment  Contract  Company  Salesmen 

There  were  367  salesmen  registered  in  1973. 

Prepaid  Medical  Associations 

Six  Associations  are  now  registered,  while  a  further  three  are  no  longer  offering 
para-medical,  hospital  or  drug  coverages  and  have  therefore  been  classed  as 
"designated"  associations  pursuant  to  Section  9  (3)  of  The  Prepaid  Hospital 
and  Medical  Services  Act. 

Legislation 

1973  saw  various  amendments  to  The  Insurance  Act  by  the  passing  of  Bill 
208.  These  changes  are,  mainly: 

(1)  The  prohibition  of  defences  being  raised  by  automobile  insurers  under 
contracts  made  outside  Ontario  that  could  not  be  raised  under  Ontario 
contracts,  and  assurance  that  the  no-fault  insurance  benefits  will 
attach  to  non-Ontario  contracts, 

(2)  The  refusal  of  licences  where  the  name  of  the  insurer  is  the  same  or 
similar  to  that  of  another  insurer  and  such  name  is  likely  to  deceive  or 
mislead,  or  is  objectionable  on  any  public  grounds, 

(3)  The  requirement  of  Ontario  incorporated  insurers  to  distribute  a  mini- 
mum amount  of  profit  earned  on  participating  policies  to  such  policy- 
holders, 

(4)  The  authority  to  make  regulations  governing  the  advertising  of  insur- 
ance contracts, 


Xll 


ANNUAL  REPORT 


(5)  Insurers  writing  on  the  premium  note  plan  are  permitted  to  write 
weather  insurance  for  losses  in  excess  of  $100  if  the  excess  is  covered  by 
an  agreement  of  oilier  insurers  of  the  same  class, 

6  Insurers  are  permitted  to  exclude  liability  to  passengers  from  a  con- 
tract of  automobile  insurance, 

7  The  payment  of  disability  benefits  being  made  conditional  upon  confine- 
ment of  the  insured  is  prohibited  in  all  future  contracts  of  accident  and 
sickness  insurance, 

(8)    Insurers  must  continue  to  make  payment  of  disability  benefits  under 
group  contracts  notwithstanding  termination  of  the  contract. 
The  maximum  amount  of  funeral  benefit  that  can  be  paid  by  mutual 
benefit  societies  is  increased  from  $300  to  $800, 

|  10)  The  premium  tax  that  must  be  paid  by  all  Ontario  insurers  is  also  pay- 
able by  reciprocal  or  inter-insurance  exchanges, 

(11)  Premiums  received  by  agents  or  brokers,  are  monies  held  in  trust,  and 
amounts  returned  by  insurers  through  agents  or  brokers  are  also  made 
trust  money.  The  only  portion  of  these  amendments  not  yet  in  force  at 
the  time  of  this  report  is  the  section  dealing  with  Item  (6)  above  which 
remains  subject  to  proclamation. 

Gu  id 'eli?i  es 

Over  the  years  the  Superintendent  of  Insurance  has  issued  guidelines  to 
licensees  respecting  the  conduct  of  the  business  of  insurance  in  Ontario.  The 
purpose  of  these  guidelines  is  to  give  some  direction  or  instruction  to  insurers 
mainly  with  respect  to  new  developments  in  the  insurance  industry.  In  many 
cases  guidelines,  as  experience  indicates  and  as  matters  develop,  become  Regula- 
tions or  part  of  the  Statutes.  I,  accordingly,  believe  it  to  be  in  the  public  interest 
to  publish  as  Appendix  V  of  the  Report  certain  of  these  guidelines.  Ihey  are: 

(1)  A  guideline  with  respect  to  the  marketing  of  automobile  policies  and 
synthetic  fleets  was  issued  on  August  1,  1969.  The  guideline  arises  out  of 
the  efforts  of  some  automobile  insurers  to  market  automobile  insurance 
on  a  mass  merchandising  basis.  This  guideline  is  still  in  effect. 

(2)  A  guideline  was  issued  on  February  22,  1972,  to  all  insurers  transacting 
automobile  insurance  in  Ontario  in  connection  with  the  limitation  on 
bringing  action.  The  guideline  arose  out  of  investigations  conaucted  m 
the  Office  based  upon  complaints  by  members  of  the  public  not  repre- 
sented by  legal  counsel  having  their  claims  against  insurers  prescribed 
by  reason  of  the  expiration  of  the  one-year  limitation  period  for  bringing 
actions  under  The  Insurance  Act  and  The  Highway  Traffic  Act  ot 
Ontario. 

(3)  A  guideline  was  issued  on  April  24,  1972,  arising  out  of  the  decision 
'      in  the  Supreme  Court  of  Ontario  concerning  Hill  vs.  The  Lumbermen  s 

Mutual  Insurance  Company.  The  guideline  deals  with  a  member  of  the 
insuring  public  who  was  denied  coverage  under  the  comprehensive 
personal  liability  part  of  a  fire  insurance  policy.  It  deals  with  the  case 
where  listed  property  was  not  shown  on  the  contract  and  suggests  a 
method  of  proceeding  whereby  a  standard  of  care  will  be  taken  by 
insurers  and  agents  to  ensure  that  all  such  properties  are,  in  fact,  covered. 


SUPERINTENDENT  OF  INSURANCE 


XIII 


(4)  A  guideline  was  issued  on  November  21,  1972,  to  all  insurers  transacting 
automobile  insurance  in  Ontario  in  connection  with  the  mandatory 
automobile  accident  benefit  coverage  provided  under  Schedule  E  to 
The  Insurance  Act.  This  guideline  arose  out  of  several  instances  reported 
to  me  of  insurers  failing  to  provide  their  insureds,  or  policy  claimants, 
with  the  necessary  information  in  order  to  make  a  claim  for  these 
benefits. 

(5)  A  guideline  was  issued  on  January  22,  1973,  to  all  proprietor  insurance 
adjusters  resulting  from  disciplinary  action  I  found  necessary  to  take 
against  two  proprietors  of  an  adjusting  firm  for  their  conduct  in  con- 
nection with  the  settlement  of  a  claim  to  the  extent  that  one  proprietor's 
licence  was  suspended  and  the  other  reprimanded  and  his  licence  con- 
tinued only  on  a  conditional  basis.  The  guideline  summarises  the  effect 
of  the  findings  of  my  Advisory  Board  with  respect  to  the  duties  and  role 
of  adjusters  and  re-affirms  the  principles  and  ethics  applicable  to  the 
licensing  of  adjusters  in  Ontario. 

(6)  A  guideline  respecting  the  mass  advertising  of  life,  accident  and  sick- 
ness insurance,  as  amended  and  adopted  at  the  April,  1973,  Confer- 
ence of  the  Superintendents  of  all  Provinces  of  Canada,  was  issued  on 
May  15,  1973.  This  guideline,  as  amended,  is  based  upon  an  interpreta- 
tion of  Section  388  of  The  Insurance  Act  dealing  with  unfair  and  decep- 
tive acts  on  practices  in  the  business  of  insurance.  Its  essential  purpose 
is  to  assure  truthful  and  adequate  disclosure  in  all  advertisements  and 
related  literature  used  in  the  mass  solicitation  of  life,  accident  and 
sickness  insurance  by  the  establishment  of  and  adherence  to  certain 
minimum  standards  of  conduct  in  such  mass  advertising.  This  amended 
guideline  replaces  the  original  guideline  on  this  subject  which  was 
issued  on  February  28,  1972,  and  was  published  in  my  annual  report 
for  the  year  1972. 

(7)  A  guideline  was  issued  on  May  25,  1973,  to  all  insurers  transacting 
automobile  insurance  in  Canada  dealing  with  removal  of  the  statutory 
condition  in  the  standard  automobile  policies  with  respect  to  driving 
under  the  influence  of  intoxicating  liquor  or  drugs,  as  a  result  of 
legislation  recommended  in  this  regard  for  enactment  in  all  the 
common  law  provinces  of  Canada,  subject  to  proclamation. 

(8)  Arising  for  the  subsequent  proclamation,  naming  September  1,  1973, 
as  the  effective  date  of  the  legislation  referred  to  in  Item  (7)  above,  a 
supplementary  guideline  was  issued  on  July  16,  1973,  drawing  the 
attention  of  automobile  insurers  to  this  amendment  deleting  part  of  the 
automobile  statutory  condition  dealing  with  driving  an  automobile 
while  under  the  influence  of  intoxicating  liquors  or  drugs  and  consequent 
amendment  of  the  standard  automobile  policy  form,  effective  September 
1,  1973. 

(9)  A  guideline  was  issued  on  August  28,  1973,  to  all  fraternal  societies 
licensed  in  Ontario,  drawing  attention  to  the  effect  of  the  passing  into 
law  of  The  Corporations  Tax  Amendment  Act  1972,  which  now  re- 


Xl\ 


ANNUAL  REPORT 


quires  all  such  societies  to  pay  premium  tax  with  respect  to  contracts 
entered  into  by  them  after  January  1,  1974. 

|  10)  A  guideline  was  Issued  on  November  30,  1973,  to  all  insurers  in  Ontario 
transacting  creditors  group  life  insurance  and/or  creditors  group  acci- 
dent and  sickness  insurance  with  respect  to  every  contract  of  creditors 
group  insurance,  setting  forth  requirements  to  be  observed  for  the  pur- 
pose of  providing  a  basis  for  the  sound  underwriting  and  marketing  of 
such  insurance  consistent  with  the  overall  interest  of  the  insured  debtor. 
I  found  the  guideline  necessary  as  a  result  of  a  selective  survey  of  cer- 
tain types  of  these  contracts  by  my  Office  which  showed  that  a  number 
of  improper  and  undesirable  practices  had  become  prevalent  in  the 
industry.  This  guideline  amplifies  and  restates  the  purpose  of  my  original 
guideline  on  the  subject  issued  on  June  27,  1968,  which  remains  in  effect 
and  has  been  published  in  my  annual  report  for  the  year  1972. 

(11)  A  supplementary  guideline  on  creditors  group  insurance  was  issued  on 
April  10,  1974,  following  a  review  of  certain  practical  and  transitional 
problems  arising  from  implementation  of  the  requirements  under  my 
aforesaid  guideline  of  November  30,  1973.  The  purpose  of  the  supple- 
mentary guideline  is  to  provide  certain  clarifications  in  connection  with 
some  of  these  matters. 

In  formation  Counselling  Service 

The  Policy  Service  Officers  in  the  Office  of  the  Superintendent  of  Insurance 
received  1,640  written  enquiries  or  complaints  during  1973.  Sixty  percent  of  these 
related  to  automobile  insurance.  The  Superintendent's  counselling  service  gener- 
ally deal  with  the  problems  relating  to  the  settlement  of  claims  but  rating  and 
underwriting  problems  are  also  reviewed. 

An  analysis  of  these  complaints  indicate  that  the  majority  still  arose  from  a 
lack  of  communication.  Automobile  insurance  complaints  involved  delays  in 
settlement,  disputes  over  quantum,  denial  of  claim  by  the  insurer  and  dissatis- 
faction with  premium  surcharges  imposed  because  of  driving  convictions. 

Many  policyholders  do  not  understand  nor  has  an  explanation  been  made 
to  them  by  their  agents  or  adjusters  that  an  insurer  has  no  legal  obligation  to 
recover  Collision  deductibles.  The  public  also  frequently  question  the  responsi- 
bility of  an  insurer  to  its  insured  who  suffers  an  uninsured  Collision  loss. 

Complaints  under  Accident  Benefit  coverage  in  an  automobile  policy  usually 
involve  a  narrow  interpretation  of  continuous  disability  in  cases  where  the 
insured  has  attempted  to  return  to  work  but  found  that  he  was  unable  to  con- 
tinue. Insurers  are  often  blamed  for  delays  in  the  payment  of  Accident  Benefit 
claims  when  the  actual  cause  is  the  non  receipt  of  medical  reports  or  documents 
from  employers. 

The  majority  of  enquiries  arising  from  Accident  and  Sickness  insurance 
claims  usually  involved  denials  of  coverage  because  of  pre-existing  conditions 
or  disputes  as  to  whether  a  claimant  was  totally  disabled  within  the  policy  condi- 
tion and  unable  to  return  to  work. 

During  1973,  many  enquiries  came  forth  relating  to  registered  retirement 
savings  plans  sold  by  insurers.  Most  stem  from  a  lack  of  disclosure  by  the  insurer 
in  the  event  of  the  termination  of  the  policy. 


SUPERINTENDENT  OF  INSURANCE 


xv 


Investigation  Unit 

The  purpose  of  this  unit  is  to  investigate  non-compliance  by  licensees  and 
others  of  the  requirements  of  the  Acts  administered  by  this  Office.  The  unit 
also  maintains  a  liaison  with  other  enforcement  agencies  on  a  national  and 
international  basis. 

During  the  year  a  total  of  65  investigations  were  initiated.  The  position  of 


these  investigations  is  as  follows: 

Court  Action  2 

Administrative  Hearings  2 

Licence  Terminations  9 

Temporary  Licence  Suspension  2 

Cautions  12 

Cease  and  Desist  orders  9 

Unfounded  19 

Still  under  investigation  20 


An  investigation  into  the  marketing  of  creditors  group  insurance  of  The 
Credit  Life  Insurance  Company  resulted  in  the  recommendation  that  by  reason 
of  a  contravention  of  the  Act  the  licence  of  the  insurer  be  cancelled  and  re- 
placed by  a  licence  on  a  terminating  basis.  This  was  done. 

Personnel 

The  total  complement  of  the  Division,  at  31  December,  1973,  was  161  which 
included: 

Cemeteries  Branch  12 
Credit  Unions  Branch  32 
Motor  Vehicles  Accident  Claims  Fund  60 

Association  of  Superintendents  of  Insurance 

The  Fifty-sixth  Annual  Conference  of  the  Association  of  Superintendents  of 
Insurance  of  the  Provinces  of  Canada  was  held  in  Saskatoon,  Saskatchewan, 
in  September,  1973.  Approximately  270  members  of  the  insurance  fraternity 
and  their  legal  representatives  attended. 

The  following  officers  of  the  Association  were  elected  for  the  year  1973-74: 

President  and  Secretary,   G.  E.  Grundy,   Superintendent  of  Insurance, 

555  Yonge  Street,  Toronto,  Ontario,  M4Y  1Y7. 
Vice-President,  P.  Kierstead,  Superintendent  of  Insurance,  Fredericton,  N.B. 

Assistant  Secretary  and  Treasurer,  Margaret  C.  Appleton,  Office  of  the 
Superintendent  of  Insurance,  555  Yonge  Street,  Toronto,  Ontario, 
M4Y  1Y7. 

The  1974  Conference  will  be  held  at  the  Palliser  Hotel,  Calgary,  Alberta, 
September  15th  to  21st,  1974. 


Toronto,  Ontario 
June  30,  1974. 


G.  E.  Grundy,  F.C.A., 
Superintendent  of  Insurance 


INDEX  AND  LICENCE  REGISTER 


fxvn] 


\  11 

I  \ 

Mr. 

S\». 

1 
2 

3 
4 

5 

6 

7 

8 

9 

10 

11 
12 

13 

14 

15 

16 

17 
IS 

19 

20 
21 
22 
23 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER 

As  at  December  31,  1973 
si  s  \  AND  B    LICENSED  INSURERS  OTHER  THAN  PREMIUM  NOTE  MUTUALS  AND  LI 


Same  oh  insi  rkr 


Classes  of  Insurance 


I 


A 

ibbcy  Life  I ns.  Co.  of  Canada.  .  .  . 
ibstainrrs'  Insurance  Co  

Lcadia  Life  Insurance  Co  

Leterna-Life  Insurance  Company 
Aeterna-vie,  Compagnie  d' As- 
surance)   

letna  Casualty  and  Surety  Co  


letna  Casualty  Company  of  Canada 


letna  Insurance  Co  

^etna  Life  Insurance  Co.. . . 
affiliated  F  M  Insurance  Co 

Agents  General  Ins.  Co.  Ltd 


Ubion  Insurance  Co.  of  Canada. 
Ulendale  Mutual  Ins.  Co  


Life,  Accident  and  Sickness  

Fiit>,  Accident,  Automobile,  Employers'  Liability,  Inland  Trans- 
portation.  Plate  Glass,   Property  Damage,   Public  Liability 

and  Theft  

Life  • 


Alliance  Assurance  Co..  Ltd. 


Alliance  Mutual  Life  Insurance  Co 
Mlstate  Insurance  Co  


Mlstate  Insurance  Co.  of  Canada. 


Mlstate  Life  Insurance  Co  

Mlstate  Life  Ins.  Co.  of  Canada. 
\lpina  Insurance  Co.,  Ltd  


Life,  Accident  and  Sickness  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability, 
Sickness,  Theft  and  Workmen's  Compensation  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Guarantee,  Inland  Transportation,  Plate  Glass,  Property 
Damage,  Sickness  and  Theft  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Fidelity,  Hail,  Liability,  Marine,  Property  and  Surety  

Life,  Accident  and  Sickness  

Fire,  Aircraft,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage.  Public  Liability  and  Theft  

Fire,  Automobile,  Employers'  Liability,  Guarantee,  Hail,  Inland 
Transportation,  Plate  Glass,  Property  Damage,  Public  Liability 
Sprinkler  Leakage,  Theft  and  Weather  (as  a  discontinuing  com 
pany).  Restricted  solely  to  the  payment  of  claims  incurred  by 
Ontario  policyholders  

Fire,  Accident,  Automobile  and  Public  Liability  

Fire,  Boiler  and  Machinery,  Inland  Transportation,  Property 
Damage  and  Theft  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability. 
Sprinkler  Leakage,  Theft,  Weather  and  Workmen's  Compen 
sation  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Hail,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Theft  and 
Workmen's  Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Theft  and 
Workmen's  Compensation  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability  and  Theft 


\merican  Bankers  Insurance 

Company  of  Florida  

\merican  Bankers  Life  Assurance 

Co.  of  Florida  

American  Credit  Indemnity  Co.  of 

New  York  

American  Empire  Insurance  Com 

pany  

American  Health  and  Life  Ins.  Co. 
American  Home  Assurance 

Company  


Accident  and  Sickness,  Automobile,  Liability  and  Property. 


Life,  Accident  and  Sickness. 


Credit. 


Hail  and  Property  

Life,  Accident  and  Sickness. 


American  Insurance  Co. 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Inland  Transportation,  Live  Stock 
Plate  Glass,  Property  Damage,  Sickness,  Theft  and  Weather 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness,  Sprinkler  Leakage,  Theft  and  Weather  


See  note  on  page  XXXVIII 


Ref. 
No. 

27 

28 

29 
30 

31 

32 
33 

34 
35 

36 

37 
38 
39 

40 

41 
42 

43 
44 
45 

46 
47 


INDEX  FOR  1974 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Name  of  Insurer 


meriean  Mutual  Liability  Ins.  Co. 


merican  National  Fire  Ins.  Co.. 


meriean  National  Insurance  Co. 
merican  Reinsurance  Co  


Classes  of  Insurance 


P 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Employers'  Liability,  Guarantee,  Inland 
Transportation,  Plate  Glass,  Public  Liability,  Property  Damage, 
Sickness  and  Theft  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Hail,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability  and 


merican  Road  Insurance  Co. 


merican  United  Life  Ins.  Co  

nglo  Canada  Gen.  Ins.  Co  

rgonaut  Ins.  Co  

rkwright-Boston  Manufacturers 
Mutual  Ins.  Co  

he  Artisans,  Life  Insurance 

Cooperative  Society  

.ssumption  Mutual  Life  Ins.  Co. 

'Assurance- Vie  Desjardins  

.viation  &  Gen.  Ins.  Co.,  Ltd — 


Life,  Accident  and  Sickness  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Credit 
Guarantee,  Hail,  Inland  Transportation,  Live  Stock,  Plate 
Glass,  Property  Damage,  Sickness  and  Theft  

Fire  (limited  to  Personal  Property),  Automobile  (excluding  insur 
ance  against  liability  for  loss  or  damage  to  persons  or  property 
caused  by  an  automobile  or  the  use  or  operation  thereof),  Credit 
Inland  Transportation  (limited  to  Personal  Property),  Property 
Damage  and  Theft  (limited  to  Personal  Property) 

Life  


Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Hail,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Theft  and  Weather 
Aircraft,  Automobile,  Fidelity,  Liability,  Marine,  Property  and 
Surety  


.alboa  Insurance  Company. 


>aloise  Marine  Insurance  Co.,  Ltd 
tankers  &  Traders'  Ins.  Co.,  Ltd. 


tankers  Life  and  Casualty  Co. . 

tankers  Life  Co  

Jay  City  General  Insurance  Co. 


:he  Bee  Fire,  Hail,  Accident  and 
General  Insurance  Company 
(L'Abeille  Compagnie  Anonyme 
D' Assurances  A  Primes  Fixes 
Contre  L'Incendie,  La  Grele,  Les 
Accidents  et  Les  Risques  Divers) 


toiler  Inspection  and  Insurance  Co 
of  Canada  


British  America  Assurance  Co. 


British  Aviation  Ins.  Co.,  Ltd. 


Theft. 


Fire,  Boiler  and  Machinery,  Inland  Transportation, 
Damage  and  Theft  


Property 


Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Accident,  Aircraft,  Employers'  Liability  and  Public  Liability. 


Fire,  Employers'  Liability,  Guarantee,  Inland  Transportation 
Plate  Glass,  Property  Damage,  Public  Liability  and  Theft. . 

Inland  Transportation  and  Marine  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),    Employers'    Liability,    Inland  Transportation 

Plate  Glass,  Property  Damage,  Public  Liability  and  Theft  

Life,  Accident  and  Sickness  (limited  to  contracts  of  reinsurance) . 

Life,  Accident  and  Sickness  •  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Em 
ployers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick 
ness.  Theft  and  Workmen's  Compensation  


Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Trans 
portation,  Plate  Glass,  Property  Damage,  Public  Liability 
Theft  and  Workmen's  Compensation  (limited  to  contracts  of 
reinsurance)  

Fire,  Boiler  and  Machinery  (limited  to  damage  to  property  and 
liability  for  damage  to  the  property  or  person  of  others,  caused 
by  the  breakdown  of  any  electrical  machinery).  Employers' 
Liability,  Inland  Transportation  (limited  to  Personal  Property) 
Property  Damage,  Public  Liability  and  Theft  (limited  to 
Personal  Property)  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick 
ness.  Sprinkler  Leakage,  Theft,  Weather  and  Workmen" 
Compensation  

Accident,  Aircraft,  Employers'  Liability,  Inland  Transportation 
Public  Liability  and  Workmen's  Compensation  


See  note  on  page  XXXVIII 


u 

Rl.K. 

No. 
50 

;»i 

52 

;>3 

54 

55 

56 
57 

58 
59 

60 
61 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

GLASSES  A  AND  B  -  LICENSED  INSURERS 


Namk  ok  Insirkk 


iiish  Economic  Ins.  Co..  Ltd. 


ritish  Pacific  Life  Insurance  Co. 
iffalo  [nsurance  Co  


usiness  Men's  Assurance  Co. 
Of  America  


alvert  Eire  Insurance  Co. 


Fire,  Boiler  and  Machinery  (excluding  Machinery).  Inland  Trans 
portation  (limited  to  Personal  Property),  Property  Damage 
and  Theft  (limited  to  Personal  Property)  

Life,  Accident  and  Sickness  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery  (ex 
eluding  Machinery),  Employers'  Liability,  Guarantee,  Inland 
Transportation,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability  and  Theft  


P 


anada  Accident  and  Eire  Assur. 

Co  


Life,  Accident  and  Sickness  (limited  to  contracts  of  reinsurance). 


Fire  (limited  to  Personal  Property),  Automobile,  Credit,  Inland 
Transportation,  Public  Liability,  Property  Damage  and  Theft 
(limited  to  Personal  Property)  


anada  Life  Assurance  Co  

anada  Security  Assurance  Co. 


anadian  Commerce  Insurance  Co. 
anadian  General  Insurance  Co..  . 


Canadian  General  Life  Ins.  Co 
Canadian  Home  Assurance  Co 

Canadian  Indemnity  Co  


Canadian  Mercantile  Ins.  Co. 


Accident  and  Sickness,  Automobile,  Boiler  and  Machinery,  Fidelity 
Liability,  Property  and  Surety  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Hail,  Inland 
Transportation,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness,  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation, 
Plate  Glass,  Property  Damage,  Public  Liability  and  Theft  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Em- 
ployers' Liability,  Guarantee,  Inland  Transportation,  Live 
Stock,  Plate  Glass.  Property  Damage,  Public  Liability,  Sickness, 
Sprinkler  Leakage,  Theft,  Weather  and  Workmen's  Compensa- 


2anadian  Pioneer  Insurance  Co.. . 


Canadian  Premier  Life  Ins.  Co 
Canadian  Provincial  Ins.  Co.. . 

Canadian  Reassurance  Co  

Canadian  Reinsurance  Co  


Canadian  Surety  Co. 


Canadian  Universal  Insurance 
Company  Limited  


Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers*  Liability,  Guarantee,  Inland  Trans- 
portation, Plate  Glass,  Property  Damage,  Public  Liability  and 
Theft  (as  a  discontinuing  company)  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather  and 
Workmen's  Compensation  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Live  Stock,  Plate  Glass,  Property  Damage,  Public  Liability, 
Sickness,  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability,  Guarantee,  Inland  Transportation,  Plate  Glass 
Property  Damage,  Public  Liability,  Sickness,  Theft  and  Work- 
men's Compensation  

Life,  Accident  and  Sickness  , 

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation 
Plate  Glass,  Property  Damage,  Public  Liability  and  Theft  

Life,  Accident  and  Sickness  (limited  to  contracts  of  reinsurance) .  . 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Credit,  Employers'  Liability,  Guarantee,  Hail,  Inland  Trans- 
portation, Live  Stock,  Marine,  Plate  Glass,  Property  Damage 
Public  Liability,  Sickness,  Sprinkler  Leakage.  Theft,  Weather 
and  Workmen's  Compensation  (limited  to  contracts  of  reinsur 
ance)  ;  ;  •  •  • ;  ■  ■  ■ 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers*  Liability,  Guarantee,  Inland  Transportation,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft  and  Weather  

Accident  and  Sickness,  Aircraft,  Automobile,  Fidelity,  Hail 
Liability,  Marine,  Property  and  Surety  


See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXI 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Name  of  Insurer 


Canners  Exchange  Subscribers  at 
Warner  Inter-Insurance  Bureau 

The  Capitol  Life  Ins.  Co  

Casualty  Co.  of  Canada  

Centennial  Insurance  Co  

Central  Mutual  Insurance  Co. .  .  . 
The  Century  Insurance  Company 
of  Canada  

Chicago  Title  Ins.  Co  


Classes  of  Insurance 


Annual 
State- 
ment 
Page  No. 


Chrysler  Insurance  Co. 


CNA  Assurance  Company. 


Combined  Ins.  Co.  of  America.  .  .  . 
Commerce  and  Industry  Ins.  Co..  . 

Commerce  and  Industry  Insurance 
Co.  of  Canada  


Commerce  General  Ins.  Co. 


88 


93 


94 


Commercial  Life  Assurance 
Co.  of  Canada  

Commercial  Travelers'  Mutual  Ins, 
Co.  (Incorporated  under  the  laws 
of  the  State  of  New  York,  U.S.A.) 

Commercial  Union  Assur.  Co.,  Ltd. 


Fire  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Plate  Glass, 
Property  Damage,  Public  Liability,  Sickness,  Sprinkler  Leakage. 
Theft  and  Weather  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability  and  Theft 

Automobile,  Fidelity,  Liability,  Property  and  Surety  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Credit 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sprinkler  Leakage,  Theft  and  Weather  

Title  (provided,  however,  that  no  policy  of  title  insurance  shall  be 
issued  unless  the  insurer  has  first  obtained  a  concurrent  certifi 
cate  of  title  to  the  property  to  be  insured  from  a  solicitor  then 
entitled  to  practice  in  the  Province  of  Ontario  and  who  is  not  at 
that  time  in  the  employ  of  the  insurer)  

Fire  (limited  to  Personal  Property),  Automobile  (excluding  insur 
ance  against  liability  for  loss  or  damage  to  persons  or  property 
caused  by  an  automobile  or  the  use  or  operation  thereof),  Inland 
Transportation,  Property  Damage  and  Theft  (limited  to  personal 
property)  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machin 
ery,  Fidelity,  Hail,  Liability,  Property  and  Surety  

Life,  Accident  and  Sickness  

Aircraft,  Automobile,  Boiler  and  Machinery,  Hail,  Liability  and 
Property  


Fire.  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Credit,  Employers'  Liability,  Guarantee,  Hail,  Inland  Trans- 
portation, Live  Stock,  Marine,  Plate  Glass,  Property  Damage, 
Public  Liability,  Sickness,  Sprinkler  Leakage,  Theft  and  Weather 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness,  Sprinkler  Leakage,  Theft.  Weather  and  Workmen's 
Compensation  


Life. 


Commonwealth  Insurance  Co. 


La  Concorde.  Compagnie, 
d' Assurances  Generates. 


Accident  and  Sickness  

Life,  Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and 
Machinery,  Fidelity,  Liability,  Marine,  Property  and  Surety  

Fire,  Accident,  Aircraft,  Automobile.  Boiler  and  Machinery,  Em- 
ployers' Liability,  Guarantee,  Inland  Transportation,  Marine, 
Plate  Glass,  Property  Damage,  Public  Liability  and  Theft  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
machinery),  Employers'  Liability,  Guarantee,  Inland  Trans- 
portation, Plate  Glass,  Property  Damage,  Public  Liability 
Theft  and  Weather  


Concordia  Life  Insurance  Co.  (Con 
cordia  Lebensversicherungs- 
Aktiengesellschaft)  

Confederation  Life  Insurance  Co.. 

Connecticut  Gen.  Life  Ins.  Co.. .  . 

Consolidated  Fire  and  Casualty 
Insurance  Co  


Constitution  Ins.  Co.  of  Canada. 


Continental  Assurance  Co. 


Life. 
Life, 
Life, 


Accident  and  Sickness. 
Accident  and  Sickness. 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness,  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  

Fire,  Accident,  Automobile,  Employers'  Liability,  Guarantee 
Inland  Transportation,  Live  Stock,  Plate  Glass,  Property 
Damage,  Public  Liability,  Sickness,  Sprinkler  Leakage  and  Theft 

Life,  Accident  and  Sickness  


141 


148 


152 


*  See  note  on  page  XXXVIII 


X  X 1 1 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 
GLASSES  A  AND  B    LICENSED  INSURERS 


Rkk. 

No, 


Insures 


100 


101 

102 


103 

104 
105 
10G 


107 


HIS 


109 


110 


111 


112 


113 


114 
115 


116 


ContiiuMit.il  Casualty  Co. 


Continental  Insurance  Co  

Contingeiu-y  Insurance  Co.  Ltd. 


Co-operative  Fire  and  Casualty 
Company  


Co-operative  Life  Insurance  Co. 
Co-operators  Insurance  Assoc..  . 


Co-operators  Life  Ins.  Assoc. 
Cornhill  Ins.  Co.  Ltd  


117 


Coronation  Ins.  Co.,  Ltd. 


Credit  Life  Insurance  Co  

Crown  Life  Insurance  Co  

CUMIS  Insurance  Society  Inc. 


Dominion  Insurance  Corp. 


Dominion  Life  Assurance  Co. 


Eagle  Star  Insurance  Co.,  Ltd. 


Eagle  Star  Ins.  Co.  of  Canada. 


Eaton  Insurance  Company. 


Eaton  Life  Assurance  Co  

Ecclesiastical  Insurance  Office 

Limited  

Economical  Mutual  Ins.  Co.. . 


Classes  of  Insurance 


Cuna  Mutual  Insurance  Society.. 


Dominion  of  Canada  General 
Insurance  Co  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Employers'  Liability,  Guarantee,  Hail, 
Inland  Transportation,  Plate  Glass,  Property  Damage,  Public 

Liability,  Sickness  and  Theft  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machin- 
es ,  Credit,  Fidelity,  Hail,  Liability,  Marine,  Property  and  Surety 
Fire,   Accident,  Automobile,   Boiler  and  Machinery  (excluding 
Machinery),  Inland  Transportation,  Plate  Glass,  Property  Dam- 
age and  Theft  


Annual 
State- 
ment 
PageNo. 


Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Hail,  Inland  Transportation,  Live  Stock, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick- 
ness, Sprinkler  Leakage,  Theft  and  Weather  

Life  

Fire,  Accident,  Aircraft,  Automobile,  Employers'  Liability,  Guar- 
antee. Hail,  Inland  Transportation,  Live  Stock,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Theft  and 
Weather  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation 
Plate  Glass,  Property  Damage,  Public  Liability,  Sprinkler 
Leakage,  Theft  and  Weather  _ 

Fire,  Accident,  Aircraft,  Automobile,  Hail,  Inland  Transportation, 
Live  Stock  and  Public  Liability  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Guarantee,  Inland  Transportation,  Plate  Glass, 
Property  Damage,  Sickness  and  Theft  

Life,  Accident  and  Sickness  (limited  to  the  writing  of  insurance 
on  the  members  of  Credit  Unions)  


L'Economie  Mutuelle  d'Assurance 


Life  (excluding  insurance  on  the  participating  plan).  Fire,  Acci 
dent,  Aircraft,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Plate  Glass, 
Property  Damage,  Public  Liability,  Sickness.  Sprinkler  Leakage 

Theft  and  Weather  

Fire,  Accident.  Aircraft,  Automobile.  Boiler  and  Machinery 
Employers*  Liability.  Guarantee,  Hail,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage.  Public  Liability,  Sick 
ness,   Sprinkler   Leakage,   Theft.   Weather   and  Workmen's 

Compensation  

Life.  Accident  and  Sickness  


Fire.  Accident,  Automobile.  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability 
Sprinkler  Leakage,  Theft  and  Weather  (limited  to  contracts  of 
reinsurance)  ■  • " 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Em 
ployers'  Liability,  Guarantee,  Inland  Transportation,  Liv< 
Stock,  Plate  Glass,  Property  Damage,  Public  Liability,  Sickness 
Sprinkler  Leakage,  Theft  and  Weather  

Accident  and  Sickness,  Automobile,  Fidelity,  Liability,  Property 
and  Surety  

Life,  Accident  and  Sickness  


Liability  and  Property  •  ■  • 

Fire.  Accident,  Automobile.  Boiler  and  Machinery,  Employers 
Liability,  Guarantee,  Inland  Transportation,  Plate  Glass 
Property  Damage,  Public  Liability,  Sickness,  Theft,  Weather 

and  Workmen's  Compensation  

Life,  Accident  and  Sickness  


157 
21 


161 


28 


•  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXIII 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B- LICENSED  INSURERS 


Name  of  Insurer 


Elite  Insurance  Co  

Emmco  Insurance  Co  

Empire  Life  Insurance  Co  

Employers  Mutual  Fire  Ins.  Co 


Employers  Mutual  Liability  Insur- 
ance Co.  of  Wisconsin  


Employers  Reinsurance  Corp  

English  &  American  Ins.  Co.,  Ltd. 


Classes  of  Insurance 


Annual 
State- 
ment 
Page  No. 


The  Equitable  General  Ins.  Co  

Equitable  Life  Assurance  Society  of 

the  United  States  

Equitable  Life  Ins.  Co.  of  Canada.  . 

Excelsior  Life  Insurance  Co  

Excess  Insurance  Co.,  Limited  


Farmers  Central  Mutual  Ins.  Co. 


131   Federal  Fire  Ins.  Co.  of  Canada. 


Federal  Insurance  Co  

Federal  Life  and  Casualty  Co.. 
Federated  Life  Insurance  Co. .  . 
Federated  Mutual  Insurance  Co 


Federation  Insurance  Co.  of  Canada 


Fidelity  Insurance  Co.  of  Canada. 


Fidelity  Life  Assurance  Co. . . 
Fire  Insurance  Co.  of  Canada 

Fireman's  Fund  Insurance  Co. 


First  National  Insurance  Co.  of 
America  


Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Trans- 
portation, Marine,  Plate  Glass,  Property  Damage,  Public 
Liability  and  Theft  

Accident  and  Sickness,  Aircraft,  Automobile,  Liability  and 
Property  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile.  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Plate  Glass,  Property 
Damage,  Public  Liability,  Theft  and  Workmen's  Compensation 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery  (ex- 
cluding Machinery),  Employers'  Liability,  Guarantee,  Inland 
Transportation,  Plate  Glass,  Property  Damage,  Public  Lia- 
bility, Sickness  and  Theft  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit,  Fidelity,  Liability,  Marine,  Property  and  Surety  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Theft  and  Work 
men's  Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Inland  Trans 
portation,  Live  Stock,  Plate  Glass,  Property  Damage  and  Theft 


Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Inland  Transportation,  Plate  Glass,  Property 
Damage  and  Theft  


Fire,  Accident,  Inland  Transportation  (limited  to  Personal  Prop 
erty),  Live  Stock,  Plate  Glass,  Theft  and  Weather  (as  a  discon 
tinuing  company)  ■ 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability.  Guarantee,  Hail,  Inland  Transportation 
Live  Stock.  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness,  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sprinkler  Leakage, 
Theft  and  Weather  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Transpor- 
tation, Plate  Glass,  Property  Damage,  Public  Liability,  Sickness, 
Sprinkler  Leakage,  Theft  and  Weather  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Hail,  Inland 
Transportation,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Theft  and  Weather  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Trans 
portation,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness  and  Theft  

Life  


Aircraft,  Automobile,  Boiler  and  Machinery,  Credit,  Fidelity 
Liability,  Marine,  Property  and  Surety  

Fire,  Accident,  Automobile,  Boiler  and  Machinery.  Employers' 
Liability,  Guarantee,  Hail,  Inland  Transportation,  Live  Stock, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick- 
ness, Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  


Accident  and  Sickness,  Automobile,  Boiler  and  Machinery,  Fidelity 
Liability,  Property  and  Surety  


*  See  note  on  page  XXXVIII 


VNNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 
CLASSES  A  AND  B  -  LICENSED  INSURERS 


Rkk. 
No. 


N'AMK  OV   lNsl  Kl  K 


Classics  ok  Insurance 


Annual 
State- 
ment 
PageNo. 


142 
143 
141 


Ploritta1  Mutual  Insurance  Co. 

Ford  Life  Ins.  Co  

Foremost  Insurance  Company 
Grand  Rapids.  Michigan.  .  .  . 


Liability  and  Property  

Life,  Accident  and  Sickness 


145  The  Franklin  Life  Ins.  Co. 


Fire,  Accident,  Aircraft,  Automobile,  Credit,  Inland  Transporta- 
tion, Marine,  Plate  Glass,  Property  Damage,  Public  Liability 

and  Theft  

Life,  Accident  and  Sickness  


140 
147 


1  t s 


149 
150 


151 


152 
153 


154 


155 


156 
157 


158 


159 


160 


161 


162 


163 


Gamble  Alden  Life  Ins.  Co  

General  Accident  Assurance  Co. 
of  Canada  


Life  Accident  and  Sickness. 


Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Ma 
chinery,  Fidelity,  Hail,  Liability,  Property  and  Surety  


General  Accident  Fire  and  Life 
Assurance  Corp.,  Ltd  


General  American  Life  Ins.  Co. 
General  Fire  and  Casualty  Co. 


General  Insurance  Co.  of  America. 

General  Reassurance  Corporation 
General  Reinsurance  Corporation. 

General  Security  Ins.  Co  of  Canada 


Gerling  Global  General  Ins.  Co. 


Gerling  Global  Life  Ins.  Co  

Gerling  Global  Reinsurance  Co.. 


Gibraltar  General  Insurance  Co.. 


Globe  Indemnity  Co.  of  Canada. 


Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 

Leakage  and  Theft  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Employers'  Liability.  Inland  Trans 
portation,  Public  Liability,  Sickness  and  Workmen's  Compensa 

tion  j  

Accident   and   Sickness,   Automobile,    Boiler   and  Machinery 

Fidelity,  Liability,  Property  and  Surety  

Life.  Accident  and  Sickness  (limited  to  contracts  of  reinsurance) 
Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit,  Fidelity,  Hail,  Liability,  Marine,  Property  and  Surety. 
Fire,  Accident,   Aircraft,  Automobile,   Boiler  and  Machinery 
Employers'    Liability,    Guarantee,    Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick 

ness,  Sprinkler  Leakage,  Theft  and  Weather  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Em 
ployers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public  Lia- 
bility, Sickness,  Sprinkler  Leakage,  Theft,  Weather  and  Work 

men's  Compensation  

Life,  Accident  and  Sickness  

Life,  Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Em 
ployers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather  and 
Workmen's  Compensation  (limited  to  contracts  of  reinsurance) 
Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability,  Guarantee,  Hail,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Theft  and  Weather 
Fire,  Accident.  Aircraft,  Automobile,  Boiler  and  Machinery,  Em 
ployers'  Liability,  Guarantee,  Inland  Transportation,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft,  Weather  and  Workmen's  Compensation.  .  . 


Globe  Life  Insurance  Co.  (incorpo 
rated  under  the  laws  of  the  State 
of  Illinois,  U.S.A.)  

Gore  Mutual  Insurance  Co  


Grain  Insurance 
Company  


and  Guarantee 


Great  American  Insurance  Co. 


164    Great  Eastern  Insurance  Co. 


Life,  Accident  and  Sickness  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit,  Employers'  Liability,  Guarantee,  Inland  Transportation 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Theft  and  Weather  

Fire,  Accident,  Boiler  and  Machinery,  Guarantee,  Inland  Trans 
portation,  Plate  Glass,  Property  Damage,  Theft  and  Weather 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick 
ness,  Sprinkler  Leakage,  Theft  and  Weather  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Employers'  Liability,  Hail,  Inland 
Transportation,  Plate  Glass,  Property  Damage,  Public  Liability 
and  Theft  •  


•  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXV 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Name  of  Insurer 


Great  Lakes  Reinsurance  Co. 


Great-West  Life  Assurance  Co  

Guarantee  Co.  of  North  America.  . 


Guardian  Assurance  Co.,  Ltd. 
(London,  England)  


Guardian  Insurance  Co.  of  Canada 


H 

Halifax  Insurance  Co  

Hanover  Insurance  Co  

Hartford  Fire  Insurance  Co 


Hartford  Life  Insurance  Co  

Hartford  Steam  Boiler  Inspection 

and  Insurance  Co  

Herald  Insurance  Company  

Holland  Life  Insurance  .Society  Ltd 
(Hollandsche  Societeit  van 
Levensverzekeringen  NV)  

Home  Insurance  Co  

Hudson  Bay  Insurance  Co  


Ideal  Mutual  Ins.  Co  

Imperial  Guarantee  and  Accident 
Insurance  Co.  of  Canada  


Imperial  Life  Assur.  Co.  of  Canada 
Indemnity  Marine  Assurance 
Co.,  Ltd  


Independence  Life  and  Accident 
Insurance  Co  

Industrial  Life  Insurance  Co  

Insmor  Mortgage  Insurance 
Company  

Insurance  Co.  of  North  America.  . 


Classes  of  Insurance 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Employers'  Liability,  Guarantee,  Hail, 
Inland  Transportation,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness  and  Theft  (limited  to  contracts  of  reinsurance) 

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sprinkler,  Leakage 
Theft  and  Weather  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Inland  Transportation,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft,  Weather  and  Workmen's  Compensation  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit,  Fidelity,  Liability,  Marine,  Property  and  Surety  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness,  Sprinkler  Leakage,  Theft  and  Weather  

Accident  and  Sickness,  Hail,  Liability  and  Property  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Em 
ployers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather  and 
Workmen's  Compensation  

Life,  Accident  and  Sickness  


Boiler  and  Machinery  (limited  to  contracts  of  reinsurance)  , 

Accident  and  Sickness,  Aircraft,  Automobile,  Fidelity,  Liability 
Property  and  Surety  


Life  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machin 
ery,  Fidelity,  Liability,  Marine,  Property  and  Surety  , 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Inland  Transportation,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft,  Weather  and  Workmen's  Compensation.  .  . 


Automobile,  Employers'  Liability,  Marine  and  Public  Liability.  . 

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft,  Weather  and  Workmen's  Compensation.  .  . 

Life,  Accident  and  Sickness  


Fire,  Accident,  Aircraft,  Boiler  and  Machinery  (limited  to  inten 
tional  or  other  damage  to,  or  loss  of,  property  of  any  kind, 
real  or  personal),  Employers'  Liability,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability, 
Theft  and  Weather  


Accident  and  Sickness  

Life,  Accident  and  Sickness. 


Mortgage  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery,  Em 
ployers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather  and 
Workmen's  Compensation  


Annual 
State- 
ment 
PageNo. 


*  See  note  on  page  XXXVIII 


\\\  1 


ANNUAL  REPORT  -SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

GLASSES  A  AND  B    LICENSED  INSURERS 


Ki  i 

No. 


is: 


ISS 


IS'.) 


190 

191 


\  Wll   Oh  Insurer 


InMit.iiHc  C'oip.  of  Ireland.  Ltd. 


John  Hancock  Mutual  Life  Ins.  Co. 


Laurentian  Mutual  Assurance  Co. 
(La  Laurentienne  Compagnie 
Mutuelle  d'Assurance)  

Laurier  Life  Insurance  Co  

..iu  Union  and  Rock  Insurance 
Co..  Ltd  


Fire.  Accident.  Aircraft.  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation 
Marino,  Plate  Glass.  Property  Damage.  Public  Liability 
Sickness,  Theft  and  Workmen's  Compensation  


193 


,-ers  Title  Insurance  Corp. 


Liberty  Mutual  Fire  Ins.  Co. 


Classes  of  Insurance 


Annual 
State- 
ment 

PageNo. 


Life,  Accident  and  Sickness. 


195 


196 
197 


198 
199 


200 


201 


202 


203 


204 
205 


Liberty  Mutual  Insurance  Co. 


Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation 
Marine,  Plate  Glass.  Property  Damage,  Public  Liability,  Sick 
ness,  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  (Limited  to  contracts  of  reinsurance)  

Title  (provided,  however,  that  no  policy  of  title  insurance  shall  be 
issued  unless  the  insurer  has  first  obtained  a  concurrent  certificate 
of  title  to  the  property  to  be  insured  from  a  solicitor  then  entitled 
to  practise  in  the  Province  of  Ontario  and  who  is  not  at  that  time 
in  the  employ  of  the  insurer)  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee  (limited  to  Fidelity),  Inland 
Transportation,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft  and  Weather. 

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee  (limited  to  Fidelity),  Inland 
Transportation,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness  and  Theft  


Life  Insurance  Co.  of  North 
America  

Lincoln  National  Life  Ins.  Co..  . 

Liverpool  and  London  and  Globe 
Insurance  Co.,  Ltd  


Lombard  Insurance  Co.  Ltd  

London  &  Edinburgh  General 

Insurance  Co.,  Ltd  

London  and  Lancashire  Insurance 

Co..  Ltd  


Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Fire  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation 
Marine  Plate  Glass,  Property  Damage,  Public  Liability,  Sick 
ness.  Sprinkler  Leakage,  Theft,  Weather  and  Workmen': 
Compensation  

Marine  (limited  to  contracts  of  reinsurance)  


London  and  Midland  Gen.  Ins.  Co. 


London  Assurance. 


and  Workmen's 


Machinery  (excluding 
Trans- 
Damage,  Public 


London-Canada  Insurance  Co. 


London  Life  Insurance  Co  

Loyal  Protective  Life  Ins.  Co. 


Accident  and  Automobile  

Fire  Accident  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick 
ness,   Sprinkler  Leakage,   Theft,  Weather 

Compensation  

Fire,  Accident,  Automobile,  Boiler  and 

Machinery),  Employers'  Liability,  Guarantee^  Inland  Trans 
portation,   Marine,   Plate   Glass,  Property 

Liability,  Sickness  and  Theft  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Inland  Transportation,  Marine.  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Si 

Leakage,  Theft  and  Weather  •  ; 

Fire  Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability,  Guarantee,  Hail,  Inland  Transportation,  Marine, 
Plate  Glass,  Property  Damage,  Public  Liability,  Sickness, 
Sprinkler  Leakage,  Theft,  Weather  and  Workmen's  Compensa- 
tion 

Life,  Accident  and  Sickness 
Life,  Accident  and  Sickness 


76 


181 


*  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXVII 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Name  of  Insurer 


Lumbermens  Mutual  Casualty  Co. 


Lumbermen's  Underwriting  Alliance 


M 

Maccabees  Mutual  Life  Ins.  Co. 

Manufacturers  Life  Ins.  Co  

Maritime  Insurance  Co.,  Ltd.. . 

Maritime  Life  Assurance  Co  

Markel  Ins.  Co.  of  Canada  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick- 
ness and  Theft  •  

Fire,  Inland  Transportation  and  Weather  


Maryland  Casualty  Co. 


Massachusetts  Indemnity  and  Life 
Ins.  Co  

Massachusetts  Mutual  Life  Ins.  Co 

Mercantile  and  General 

Reinsurance  Co.  of  Canada,  Ltd. . 


Mercantile  and  General 
Reinsurance  Co.,  Ltd. 


Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Inland  Transportation  and  Marine  

Life,  Accident  and  Sickness  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machin 

ery,  Hail,  Liability,  Property  and  Surety  • 

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machin 

ery,  Fidelity,  Liability,  Marine,  Property  and  Surety  


Merit  Insurance  Co. 


Metropolitan  Life  Insurance  Co 
(La  Metropolitaine,  Compagnie 
d'Assurance  Vie)  


Michigan  Mutual  Liability  Co. 


Middlesex  Mutual  Insurance  Co 


Midland  Ins.  Co  

Ministers  Life  and  Casualty  Union 
Minnesota  Mutual  Life  Ins.  Co.. . 
Missisquoi  and  Rouville  Ins.  Co..  . 


Classes  of  Insurance 


Annual 
State- 
ment 
PaceNo. 


Accident  and  Sickness  

Life,  Accident  and  Sickness. 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Credit,  Employers'  Liability,  Guarantee, 
Hail,  Inland  Transportation,  Live  Stock,  Marine,  Plate  Glass, 
Property  Damage,  Public  Liability,  Sickness,  Sprinkler  Leakage, 
Theft,  Weather  and  Workmen's  Compensation  (limited  to 
contracts  of  reinsurance)  


Life,  Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
(excluding  Machinery),  Employers'  Liability,  Guarantee,  Hail, 
Inland  Transportation,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather  and 
Workmen's  Compensation  (limited  to  contracts  of  reinsurance) . 

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Credit,  Employers'  Liability,  Guarantee,  Inland 
Transportation,  Plate  Glass,  Property  Damage,  Public  Liability, 
Sickness,  Theft  and  Workmen's  Compensation  


Monarch  Life  Assurance  Co.. .  . 
Montreal  Life  Insurance  Co.. .  . 
MONY  Life  Ins.  Co.  of  Canada. . . . 
Mortgage  Insurance  Co.  of  Canada 
Motors  Insurance  Corp  


Life,  Accident,  Aircraft  (limited  to  the  business  of  reinsurance) 
and  Sickness  

Automobile,  Employers'  Liability  and  Public  Liability  (as  a  dis- 
continuing company)  

Accident  and  Sickness,  Aircraft,  Automobile,  Liability  and 
Property  

Fire,  Accident,  Automobile  and  Inland  Transportation  

Life,  Accident  and  Sickness  

Life  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Trans 
portation,  Live  Stock,  Plate  Glass,  Property  Damage 
Liability  and  Theft  

Life  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Guarantee  (limited  to  Surety)  and  Mortgage  

Automobile  (excluding  insurance  against  liability  for  loss  or  damage 
to  persons  caused  by  an  automobile  or  the  use  or  operation 
thereof)  


Public 


Munich  Reinsurance  Co. 

(Munchener  Ruckversicherungs 
Gesellschaft)  


Munich  Reinsurance  Co.  of  Canada 


Life,  Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and 
Machinery,  Fidelity,  Liability,  Property  and  Surety  (limited  to 
contracts  of  reinsurance)  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Credit,  Employers'  Liability,  Guarantee,  Hail,  Inland  Trans- 
portation, Live  Stock,  Marine.  Plate  Glass,  Property  Damage, 
Public  Liability,  Sickness,  Sprinkler  Leakage,  Theft.  Weather 
and  Workmen's  Compensation  (limited  to  contracts  of  rein 
surance)  


*  See  note  on  page  XXXVIII 


XX\  111 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

GLASSES  A  AND  B- LICENSED  INSURERS 


K !  i 

No, 


N  \ op  [nsurbs 


n  t 

235 


237 


2:?s 
2  3D 
240 


241 


242 


243 
214 


245 


246 
247 
248 


Mutual  Koilet  and  Machinery 

Insurance  Co  

Mutual  Lite  Assur.  Co.  of  Canada. 
Mutual  Life  lnsur.  Co.  of  New  York 
Mutual  of  Omaha  Insurance  Co. 


N 

National  Employers'  Mutual 
General  Insurance  Assoc.  Ltd. 


National  Fidelity  Life  Ins.  Co.. 
National  Life  Assur.  Co.  of  Canada 
National  Union  Fire  Insurance 
Co.  of  Pittsburgh.  Pa  


Classes  of  Insurance 


Boilei  and  Machinery  and  Inland  Transportation . 

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  


Annual 
State- 
ment 
PageNo. 


Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation,  Plate 
Glass,  Property  Damage,  Public  Liability  and  Theft  

Life,  Accident  and  Sickness  

Life.  Accident  and  Sickness  


Nationwide  Mutual  Ins.  Co. 


Netherlands  Reins.  Group  N.V. 


New  England  Mutual  Life  Ins.  Co. 
New  Hampshire  Insurance  Co  


New  India  Assurance  Co.,  Ltd. 


New  York  Life  Insurance  Co. . .  . 
New  Zealand  Insurance  Co.,  Ltd. 
Niagara  Fire  Insurance  Co  


249 


250 
251 


252 
253 


254 


255 


256 


257 


258 


259 


Fire.  Aircraft  (excluding  insurance  against  liability  for  loss  or 
damage  to  persons  or  property  caused  by  an  aircraft  or  the  use 
or  operation  thereof),  Inland  Transportation,  Plate  Glass, 
Property  Damage,  Sprinkler  Leakage,  Theft  and  Weather  (as  a 
discontinuing  company). 
Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Live  Stock,  Plate  Glass,  Property  Damage,  Public  Liability, 
Sickness,  Theft  and  Workmen's  Compensation  (limited  to 

contracts  of  reinsurance)  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),   Inland  Transportation,   Plate   Glass,  Property 

Damage  and  Theft  (limited  to  contracts  of  reinsurance)  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Hail,  Inland  Transportation 
Plate  Glass,   Property  Damage,   Public  Liability,  Sprinkler 

Leakage,  Theft,  Weather  and  Workmen's  Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation. 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability  and 

Theft  •••  •   '•• 

Life,  Accident  and  Sickness  

Inland  Transportation  and  Marine  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machin- 
ery, Credit,  Fidelity,  Hail,  Liability,  Marine,  Property  and 
Surety  •  •  


Nordisk  Reinsurance  Co.,  Ltd. 

(Aktieselskabet  Nordisk 

Gjenforsikrings  Selskab)  

North  American  Life  Assur.  Co  

North  American  Life  and 

Casualty  Co  

North  American  Reassurance  Co..  . 
North  American  Reinsurance  Corp 


North  British  and  Mercantile 
Insurance  Co.,  Ltd  


Northumberland  General  Ins.  Co. 


North  Waterloo  Farmers  Mutual 
Insurance  Co  

The  North  West  Life  Assurance  Co. 
of  Canada  

Northern  Assurance  Co.,  Ltd  


Liability  and  Property  (limited  to  contracts  of  reinsurance) 
Life,  Accident  and  Sickness  


Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  (limited  to  contracts  of  reinsurance) . 

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Credit,  Fidelity,  Liability,  Property  and  Surety  (limited  to 
contracts  of  reinsurance)  


Accident  and  Sickness,  Automobile,  Boiler  and  Machinery, 
Fidelity,  Liability,  Marine,  Property  and  Surety  

Fire,  Automobile,  Boiler  and  Machinery,  Employers'  Liability 
Inland  Transportation,  Property  Damage,  Plate  Glass,  Public 
Liability  and  Theft  


Northern  Life  Assurance  Co. 
of  Canada  


Hail,  Liability  and  Property. 


Life,  Accident  and  Sickness  

Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machinery 
Fidelity,  Liability,  Marine.  Property  and  Surety  


Life,  Accident  and  Sickness. 


*  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXIX 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Norwich  Union  Life  Ins.  Society. 


o 

Occidental  Life  Insurance  Co. 

of  California  

Occidental  Life  Insurance 

Company  of  Canada  

Ocean  Accident  and  Guarantee 

Corp.,  Ltd  


Name  of  Insurer 


Norwich  Union  Fire  Insurance 
Society,  Ltd  


Old  Republic  Insurance  Co. 


Old  Republic  Life  Insurance  Co. 
Olympic  Insurance  Co  


Ontario  Farmers'  Mutual  General 
Insurance  Company  


Orion  Insurance  Co.,  Ltd. 


Otter  Dorchester  Mutual  Insurance 
Company  


Pacific  Employers  Insurance  Co. . 


Pafco  Insurance  Co.  Ltd. 


La  Paix  General  Ins.  Co.  of  Canada 
Paul  Revere  Life  Insurance  Co. 
Pearl  Assurance  Co.,  Ltd  


Classes  of  Insurance 


Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 

Leakage,  Theft,  Weather  and  Workmen's  Compensation  

Life  


Life,  Accident  and  Sickness. 


Life. 


Accident   and   Sickness,   Automobile,    Boiler   and  Machinery, 

Fidelity,  Liability,  Property  and  Surety  

Fire,  Accident,  Automobile,  Inland  Transportation,  Sickness  and 


Theft. 


Life,  Accident  and  Sickness  

Fire  (limited  to  Personal  Property),  Automobile,  Inland  Trans 
portation  (limited  to  Personal  Property),  Property  Damage  and 
Theft  (limited  to  Personal  Property)  


Accident  and  Sickness,  Boiler  and  Machinery,  Hail,  Liability  and 
Property  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Employers'  Liability,  Inland  Trans- 
portation, Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness  and  Theft  


Annual 
State- 
ment 
Page  No. 


Accident  and  Sickness, 
bility  and  Property . 


Boiler  and  Machinery,  Credit,  Hail,  Lia 


Penn  Mutual  Life  Insurance  Co..  . 

Pennsylvania  Life  Ins.  Co  

The  Personal  Insurance  Company 
(La  Personnelle,  Compagnie 
d'Assurance)  


Perth  Insurance  Co. 


Philadelphia  Manufacturers' 
Mutual  Insurance  Co  


Phoenix  Assurance  Co.,  Ltd. 


Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee  (limited  to 
Fidelity).  Hail,  Inland  Transportation,  Plate  Glass,  Property 
Damage,  Public  Liability,  Sickness,  Theft  and  Workmen's 
Compensation  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery. 
Credit,  Guarantee,  Hail,  Inland  Transportation,  Live  Stock, 
Marine,  Plate  Glass,  Property  Damage,  Sickness,  Sprinkler 
Leakage,  Theft  and  Weather  

Automobile,  Boiler  and  Machinery,  Liability,  Property  and  Surety 

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness,  Automobile,  Boiler  and  Machinery, 
Fidelity,  Hail,  Liability,  Marine,  Property  and  Surety  

Life,  Accident  and  Sickness  

Life,  Accident  and  Sickness  


Accident  and  Sickness.  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit,  Fidelity,  Liability,  Marine,  Property  and  Surety  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Trans 
portation,  Plate  Glass,  Property  Damage,  Public  Liability. 
Sprinkler  Leakage,  Theft,  Weather  and  Workmen's  Compen 
sation  


Fire,  Boiler  and  Machinery,  Inland  Transportation,  Property 
Damage  and  Theft  

Life,  Fire.  Accident.  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick 
ness,  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  


*  See  note  on  page  XXXVIII 


\\\ 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

GLASSES  A  AND  B    LICENSED  INSURERS 


Kkk. 

No. 


2S2 


881 
2S'> 


J  So 


287 
2SS 


290 
291 

292 

293 


Namk  ok  Insurer 


Phot-nix  Assurance  Company  of 
Canada  


Classes  of  Insurance 


Annual 
State- 
ment 
PageNo. 


Accident    and    Sickness,    Automobile,    Boiler   and  Machinery, 
Fidelity,  Liability,  Property  and  Surety  


Phoenix  Insurance  Co. 
v  II  ait  ford.  Conn.) .  . . 


Pierce  National  Life  Ins 
Pilot  Insurance  Co  


Co. 


Pitts  Insurance  Co. 


294 


295 


296 


297 


Pitts  Life  Insurance  Co  

Portage  La  Prairie  Mutual  Ins. 


Co. 


Premier  Insurance  Co  

Presbyterian  Ministers'  Fund.... 
Les  Prevoyants  du  Canada 

(The  Canadian  Provident)  

Les  Prevoyants  du  Canada 

(Fonds  de  Pension)  

Les  Prevoyants  du  Canada— Assur 

ance    G6nerale  (The  Canadian 

Provident— General  Insurance) 


Principal  Life  Insurance  Company 

of  Canada  

Protection  Mutual  Insurance  Co..  . 

Providence  Washington  Ins.  Co..  . 


Provident  Assurance  Co.  (La  Pre- 
voyance  Compagnie  d'Assurances) 


Fire,  Accident,  Aircraft  (excluding  insurance  against  liability  for 
loss  or  damage  to  persons  caused  by  an  aircraft  or  the  use  or 
operation  thereof),  Automobile,  Boiler  and  Machinery,  Employ- 
ers' Liability,  Guarantee,  Inland  Transportation,  Marine,  Plate 

Glass,  Property  Damage,  Public  Liability  and  Theft  

Life  •  •  

Fire,  Accident,  Automobile,  Employers'  Liability,  Guarantee 
Inland  Transportation,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather  and 

Workmen's  Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery).  Guarantee,  Inland  Transportation,  Plate  Glass, 

Property  Damage,  Sickness  and  Theft  

Life,  Accident  and  Sickness  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation,  Live 
Stock,  Plate  Glass,  Property  Damage,  Public  Liability,  Sickness 

Sprinkler  Leakage,  Theft  and  Weather  

Automobile  

Life.  


Life,  Accident  and  Sickness.  

Life  (limited  to  pension  fund  contracts) . 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit,  Employers'  Liability,  Guarantee,  Hail,  Inland  Trans 
portation,  Live  Stock,  Marine,  Plate  Glass,  Property  Damage 
Public  Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather 
and  Workmen's  Compensation  (as  a  discontinuing  company) 


Inland  Transportation,  Property 


298 


299 


300 


301 


Provident  Life  and  Accident 

Insurance  Co  

Provincial  Insurance  Co.,  Ltd. 


Prudential  Assurance  Co. 
(of  England)  


Ltd. 


Life  

Fire,  Boiler  and  Machinery 

Damage  and  Theft  • 

Fire,  Accident,  Aircraft  (limited  to  insurance  against  loss  of 

damage  to,  an  aircraft),  Automobile,  Employers'  Liability 

Inland    Transportation,    Marine,    Property    Damage,  Public 

Liability,  Sprinkler  Leakage  and  Weather. . . 

Fire,  Accident,  Aircraft,  Automobile, Boiler  and  Machinery,  Credit 
Employers*  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Marine,  Mortgage,  Plate  Glass,  Property  Damage 
Public  Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Title] 
(provided,  however,  that  no  policy  of  Title  insurance  shall  be 
issued  unless  the  insurer  has  first  obtained  a  concurrent  certifi- 
cate of  title  to  the  property  to  be  insured  from  a  solicitor  then 
entitled  to  practise  in  the  Province  of  Ontario  and  who  is  not 
at  that  time  in  the  employ  of  the  insurer),  Weather  and  Work- 
men's Compensation  


197 


Prudential  Ins.  Co.  of  America.  . 


Life,  Accident  and  Sickness 

Fire  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation, 
Plate  Glass.  Property  Damage,  Public  Liability,  Sprinkler 
Leakage,  Theft  and  Weather  

Life  Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Plate  Glass,  Property  Damage,  Public  Liability,  Sickness 
Sprinkler  Leakage,  Theft,  Weather  and  Workmen's  Compen- 

sation  V  "  \ " ' '  j 

Life,  Accident,  Aircraft  (limited  to  contracts  of  reinsurance)  and 

Sickness 


201 

89 
103 


204 


*  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXXI 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Quebec  Assurance  Co. 


Queensland  Ins.  Co.  Ltd. 


Name  of  Insurer 


Reinsurance  Corporation,  Ltd. 


The  Reinsurance  Corporation 
of  New  York  


Reliable  Life  Insurance  Co. 
Reliance  Insurance  Co. 
(of  Philadelphia)  


SAFECO  Ins.  Co.  of  America. .  . 
St.  Paul  Fire  and  Marine  Ins.  Co. 

Saskatchewan  Mutual  Ins.  Co. . . 


La  Sauvegarde  Life  Insurance  Co. 
Scottish  &  York  Ins.  Co.  Ltd  


Scottish  Canadian  Assur.  Corp. 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery. 
Employers'  Liability,  Guarantee,  Inland  Transportation,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft,  Weather  and  Workmen's  Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability, 
Sprinkler  Leakage,  Theft  and  Weather  


Retail  Lumbermen's  Inter- 
Insurance  Exchange  

Retail  Lumbermen's  Mutual  Fire 
Insurance  Co  

Royal  Exchange  Assurance  


Royal  General  Ins.  Co.  of  Canada 


Royal  Insurance  Co.,  Ltd. 


Classes  of  Insurance 


Annual 
State- 
ment 
Page  No. 


Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability,  Guarantee,  Inland  Transportation,  Plate  Glass, 
Property  Damage,  Public  Liability,  Sickness  and  Theft  (limited 
to  contracts  of  reinsurance)  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Guarantee,  Inland  Transportation,  Live  Stock,  Plate  Glass 
Property  Damage,  Sickness  and  Theft  (limited  to  contracts 
of  reinsurance)  

Life,  Accident  and  Sickness  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness  and  Theft  


Fire  and  Weather. 


Fire  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability 
Sprinkler  Leakage,  Theft,  Weather  and  Workmen's  Compen 
sation  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit  Employers'  Liability,  Guarantee,  Hail,  Inland  Trans 
portation.  Marine,  Plate  Glass,  Property  Damage,  Public  Lia 
bility,  Sickness,  Sprinkler  Leakage,  Theft  and  Weather  

Life,  Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability,  Sick- 
ness, Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  


Accident  and  Sickness,  Automobile,  Boiler  and  Machinery,  Fidelity 
Liability,  Property  and  Surety  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability.  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Marine,  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Sprinkler  Leakage,  Theft  and  Weather.  ..... 

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation, 
Plate  Glass,  Property  Damage,  Public  Liability,  Sprinkler 
Leakage.  Theft  and  Weather  (limited  to  the  Cash  Plan)  (as  a 
discontinuing  company)  

Life,  Accident  and  Sickness  ■ 

Fire,  Accident,  Automobile,   Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Tran 
portation,   Marine,   Plate  Glass,   Property   Damage,  Public 
Liability,  Theft  and  Weather  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Plate  Glass 
Property  Damage.  Public  Liability,  Sickness,  Sprinkler  Leakage 
Theft  and  Weather  


*  See  note  on  page  XXXVIII 


X  X  \  1 1 


ANM  \1.  REPORT  — SUPERIN  rENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 
GLASSES  A  AND  B- LICENSED  INSURERS 


No 


N.WIi:  OF  iNSl'RI  R 


sig 


880 
881 
888 


838 


88 i 


885 


326 


327 


328 

329 
330 
331 


332 
333 


334 
335 


336 


337 
338 


339 
340 
311 

342 


Scottish  Union  and  National 
Insurance  Co  


Seaboard  Life  Insurance  Co.. 

Seaboard  Surety  Co  

Security  Ins.  Co.  of  Hartford. 


Security  Mutual  Casualty  Co... 

Security  National  Insurance  Co. 
Sentry  Ins.  A  Mutual  Company. 


Service  Fire  Insurance  Co.  of 
New  York  


Classes  of  Insurance 


Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation,  Plate 
Glass.  Property  Damage,  Public  Liability,  Sprinkler  Leakage, 

Theft  and  Weather  

Life,  Accident  and  Sickness  

Guarantee,  Inland  Transportation,  Public  Liability  and  Theft. . 
Fire,    Automobde,    Inland   Transportation,    Marine,  Property 
Damage.  Public  Liability,  Sprinkler  Leakage,  Theft  (limited 
to  Personal  Property)  and  Weather  (limited  to  contracts  of 

reinsurance)  (as  a  discontinuing  company)  

Fire.  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee  (limited  to  Fidelity),  Inland 
Transportation,  Plate  Glass,  Property  Damage,  Public  Liability 

Sickness  and  Theft  

Fire.  Accident.  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation,  Plate 

Glass,  Property  Damage,  Public  Liability  and  Theft  

Fire,  Automobile,  Boiler  and  Machinery  (excluding  Machinery), 
Employers'  Liability,  Guarantee,  Inland  Transportation, 
Property  Damage,  Public  Liability,  Sprinkler  Leakage,  Theft 
and  Weather  


Annual 
State- 
ment 
PageNo. 


114 


Simcoe  &  Erie  General  Ins.  Co. 


Sovereign  Life  Assurance  Co. 

of  Canada  

Sovereign  Mortgage  Ins.  Co.. 
Standard  Life  Assurance  Co.. 
Stanstead  and  Sherbrooke 
Insurance  Co  


Fire  (limited  to  Personal  Property),  Automobile  (excluding 
insurance  against  liability  for  loss  or  damage  to  persons  caused 
by  an  automobile  or  the  use  or  operation  thereof)  Inland 
Transportation,  Marine,  Property  Damage  and  Theft  (limited 

to  Personal  Property)  

Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Live  Stock,  Marine.  Plate  Glass,  Property  Damage,  Public 
Liability,  Sickness,  Theft  and  Workmen's  Compensation  


Life. 


Fire, 


Mortgage. 
Life  


The  State  Assurance  Co.  Ltd  . . . 
State  Farm  Fire  and  Casualty  Co. 


State  Farm  Life  Insurance  Co..  . 

State  Farm  Mutual  Automobile 
Insurance  Co  

State  Mutual  Life  Assurance  Co. 
of  America  

Stonewall  Insurance  Co  

Storebrand  Insurance  Co.,  Ltd. 
(Christiania  Almindelige 
Forsikrings-Aktieselskap 
Storebrand)  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery  (ex- 
cluding Machinery),  Credit,  Employers*  Liability,  Guarantee, 
Inland  Transportation,  Plate  Glass,  Property  Damage,  Public 
Liability,  Theft  and  Weather  (limited  to  the  Cash  Plan)  

Inland  Transportation  and  Marine  

Accident  and  Sickness,  Automobile,  Boiler  and  Machinery. 
Fidelity,  Liability,  Property  and  Surety  

Life  


Accident  and  Automobile. 


Life,  Accident  and  Sickness  

Fire,  Accident,  Aircraft  and  Sickness. 


Sun  Alliance  and  London 

\ssurance  Co.  Ltd  

Sun  Alliance  Ins.  Co  


Sun  Insurance  Office,  Ltd. 


Sun  Life  Assur.  Co.  of  Canada. 


Life  Fire,  Accident.  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability.  Inland  Transportation.  Plate 
Glass,  Property  Damage,  Public  Liability  and  Theft  (limited  to 
contracts  of  reinsurance)  


Life. 


Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machm 

ery  Fidelity,  Hail,  Liability,  Property  and  Surety  

Fire    Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability.   Guarantee,   Inland  Transportation.   Marine.  Plate 
Glass.  Property  Damage.  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft,  Weather  and  Workmen's  Compensation. . . . 
Life,  Accident  and  Sickness  


215 


*  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXXIII 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Ref. 
No. 


343 


344 


345 


346 


347 

348 


349 


350 
351 


352 


353 


354 


355 


356 
357 


358 

359 


360 
361 


362 


363 


Swiss  Reinsurance  Co. . 


Switzerland  General  Ins.  Co.,  Ltd. 


Tokio  Marine  and  Fire  Insurance 
Co.,  Ltd  


Name  of  Insurer 


Life,  Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Credit,  Employers'  Liability,  Guarantee,  Hail,  Inland  Trans 
portation,  Live  Stock,  Marine,  Plate  Glass,  Property  Damage 
Public  Liability,  Sickness,  Sprinkler  Leakage,  Theft,  Weather 
and  Workmen's  Compensation  (limited  to  contracts  of  rein 

surance)  

Automobile,  Liability,  Marine  and  Property  


Toronto  General  Insurance  Co. 


Toronto  Mutual  Life  Ins.  Co.. 
Traders  General  Insurance  Co. 


Transamerica  Insurance  Co. 


Transport  Indemnity  Co. 
Transport  Insurance  Co.. 


Transportation  Fire  and 
Casualty  Co  


Travelers  Indemnity  Co. 


Classes  of  Insurance 


Fire,  Accident,  Boiler  and  Machinery  (excluding  Machinery) 
Employers'  Liability,  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability.  Theft  and  Work 

men's  Compensation  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
ployers'  Liability.  Guarantee,   Inland  Transportation, 
Glass,  Property  Damage,  Public  Liability,  Sickness.  Sprinkler 

Leakage,  Theft  and  Workmen's  Compensation  

Life  


.  Em 
Plate 


Annual 
State- 
ment 
PageNo. 


Accident  and  Sickness,  Aircraft,  Automobile,  Boiler  and  Machin- 
ery, Fidelity,  Liability,  Marine,  Property  and  Surety  

Fire,  Automobile,  Boiler  and  Machinery  (excluding  Machinery), 
Employers'  Liability,  Guarantee,  Inland  Transportation,  Plate 

Glass,  Property  Damage,  Public  Liability  and  Theft  

Aircraft,  Automobile,  Liability,  Property  and  Surety  

Automobile,   Employers'  Liability,   Inland  Transportation  and 
Public  Liability  


Travelers  Indemnity  Co.  of  Canada 


Travelers  Insurance  Co. 


Travelers  Life  Ins.  Co  of  Canada. 
Truck  Insurance  Exchange  


Fire,  Accident.  Aircraft,  Automobile,  Employers'  Liability,  Guar- 
antee, Hail.  Inland  Transportation.  Plate  Glass,  Property 
Damage,  Public  Liability.  Sickness  and  Theft  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery, 
Employers'  Liability.  Guarantee,  Inland  Transportation. 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability. 
Sprinkler  Leakage,  Theft,  Weather  and  Workmen's  Compen- 
sation   

Fire,  Accident,  Aircraft  (excluding  insurance  against  liability  for 
loss  or  damage  to  persons  or  property  caused  by  an  aircraft  or 
the  use  or  operation  thereof),  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Hail,  Inland  Transportation 
Plate  Glass,  Property  Damage,  Public  Liability,  Sprinkler 
Leakage.  Theft  and  Weather  

Life.  Accident,  Aircraft  (limited  to  insurance  against  liability  for 
loss  or  damage  to  persons  caused  by  an  aircraft  or  the  use  or 
operation  thereof),  Automobile  (limited  to  insurance  against 
liabilit-.  for  loss  or  damage  to  persons  caused  by  an  automobile 
or  the  use  or  operation  thereof),  Employers'  Liability,  Public 
Liability  (excluding  Property  Damage),  Sickness  and  Work 
men's  Compensation  

Life,  Accident  and  Sickness  

Accident,  Automobile,  Employers'  Liability,  Inland  Transporta 
tion,  Public  Liability  and  Workmen's  Compensation  


u 


Underwriters  National  Assur.  Co. . 
Unigard  Mutual  Ins.  Co  


Union  Fidelity  Life  Ins.  Co  

Union  Ins.  Society  of  Canton,  Ltd. 


Union  Marine  and  General 
Insurance  Co.,  Ltd  

Unionmutual  Life  Assurance 
Company  of  Canada  


Accident  and  Sickness  

Accident  and  Sickness,  Automobile,  Boiler  and  Machinery,  Fidelity 
Liability,  Property  and  Surety  

Accident  and  Sickness  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
Employers'  Liability.  Guarantee,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage.  Public  Liability,  Sick 
ness.  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 
Compensation  


Inland  Transportation  and  Marine. 
Life,  Accident  and  Sickness  


220 


*  See  note  on  page  XXXVIII 


\  \  \  i\ 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 
CLASSES  A  AND  B  -  LICENSED  INSURERS 


RhK. 

No. 


361 

36;> 


366 


367 
36$ 


•MV.i 
370 


371 


372 


373 


374 


NAMK  OF  lNSl  KKR 


Union  Mutual  Life  Insurance  Co. 
Union  Reinsurance  Co  


Life,  Accident  and  Sickness  

1  ire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery).  Employers'  Liability,  Inland  Transportation,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness  and  Theft 
(limited  to  contracts  of  reinsurance)  


United  American  Insurance 

Company  

United  Benefit  Life  Insurance  Co. 
United  Canada  Insurance  Co  


United  Investment  Life  Assur.  Co. 
United  Provinces  Insurance  Co..  . 


United  States  Fidelity  and 
Guarantee  Co  


Classes  of  Insurance 


Annual 
State- 
ment 
PageNo. 


Life,  Accident  and  Sickness  

Life.  Accident  and  Sickness  

Fire.  Accident,  Automobile.  Boiler  and  Machinery,  Employers' 
Liability,  Inland  Transportation,  Plate  Glass.  Property  Damage 
Public  Liability,  Theft  and  Workmen's  Compensation  

Life  


Fire.  Accident.  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery).  Credit,  Employers'  Liability,  Guaran- 
tee, Hail,  Inland  Transportation,  Live  Stock,  Marine,  Plate 
Glass,  Property  Damage,  Public  Liability,  Sickness,  Sprinkler 
Leakage,  Theft,  Weather  and  Workmen's  Compensation.  .  .  . 


United  States  Fire  Ins.  Co. 


Unity  Fire  and  General  Ins.  Co. 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Employers'  Liability,  Guarantee 
Hail,  Inland  Transportation,  Marine,  Plate  Glass,  Property 
Damage,  Public  Liability,  Sickness  and  Theft  

Fire,  Accident,  Aircraft.  Automobile,  Boiler  and  Machinery 
Employers'  Liability,  Guarantee,  Inland  Transportation 
Marine,  Plate  Glass.  Property  Damage,  Public  Liability,  Sick 
ness.  Sprinkler  Leakage,  Theft,  Weather  and  Workmen 
Compensation  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Inland  Transportation 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability  and 


Upper  Canada  Insurance  Co. 


375   Utica  Mutual  Insurance  Company. 


376 


377 


378 
379 
380 


381 


382 


Theft  

Fire,  Accident,  Automobile,  Employers'  Liability,  Guarantee 
Hail,  Inland  Transportation,  Plate  Glass,  Public  Liability 
Sickness  and  Theft  

Fire,  Accident,  Automobile,  Boiler  and  Machinery  (excluding 
Machinery),  Guarantee.  Inland  Transportation,  Marine,  Plate 
Glass,  Property  Damage  and  Theft  


Victoria  Insurance  Co.  of  Canada. 


Victory  Insurance  Co.,  Ltd. 


w 


Warner  Reciprocal  Insurers. .  .  . 
Washington  National  Ins.  Co... 
Waterloo  Mutual  Insurance  Co. 


Wawanesa  Mutual  Insurance  Co. 


Wawanesa  Mutual  Life  Ins.  Co. 


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Employers'  Liability,  Inland  Trans 
portation,  Plate  Glass,  Property  Damage,  Public  Liability 

Theft  and  Workmen's  Compensation  

Life,  Fire,  Accident.  Automobile.  Boiler  and  Machinery  (excluding 
Machinery),  Employers'  Liability,  Guarantee,  Inland  Transpor 
tation,  Plate  Glass,  Property  Damage,  Public  Liability,  Sickness 
Sprinkler  Leakage.  Theft  and  Weather  (limited  to  contracts  of 
reinsurance)  


Fire  and  Inland  Transportation  

Life,  Accident  and  Sickness  

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery 
(excluding  Boiler),  Employers'  Liability,  Guarantee,  Inland 
Transportation.  Live  Stock.  Plate  Glass,  Property  Damage. 
Public  Liability.  Sprinkler  Leakage,  Theft,  Weather  and 
Workmen's  Compensation  _ 

Fire.  Accident,  Automobile.  Boiler  and  Machinery.  Employers' 
Liability.  Guarantee,  Hail,  Inland  Transportation,  Live  Stock 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness.  Sprinkler  Leakage.  Theft  and  Weather  (excluding 
Insurance  on  the  Premium  Note  Plan)  

Life.  Accident  and  Sickness  


*  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXXV 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASSES  A  AND  B  -  LICENSED  INSURERS 


Name  of  Insurer 


Wellington  Fire  Insurance  Co. 


Western  Assurance  Co. 


Classes  of  Insurance 


Annual 
State- 
ment 
Page  No. 


Western  Farmers  Mutual  Ins.  Co, 

Western  Life  Assurance  Co  iLife,  Accident  and  Sickness 

Western  Surety  Co  Guarantee  and  Theft  

Westmount  Life  Insurance  Co  Life  


Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery. 
Employers'  Liability.  Guarantee,  Hail,  Inland  Transportation, 
Live  Stock,  Plate  Glass,  Property  Damage,  Public  Liability, 

Sickness,  Sprinkler  Leakage,  Theft  and  Weather   

Fire,  Accident,  Aircraft,  Automobile,  Boiler  and  Machinery. 
Employers*  Liability,  Guarantee,  Inland  Transportation. 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability, 
Sickness,  Sprinkler  Leakage,  Theft,  Weather  and  Workmen's 

Compensation  

Hail,  Liability  and  Property  


York  Fire  &  Casualty  Co  

Yorkshire  Insurance  Co.,  Ltd. 


Zurich  Insurance  Co. 


Zurich  Life  Ins.  Co.  of  Canada. 


Fire,  Accident.  Aircraft,  Automobile,  Employers'  Liability.  Guar- 
antee, Hail.  Inland  Transportation,  Plate  Glass,  Property 
Damage,  Public  Liability,  Sickness  and  Theft  

Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers' 
Liability,  Guarantee,  Inland  Transportation,  Live  Stock, 
Marine,  Plate  Glass,  Property  Damage,  Public  Liability 
Sickness,  Sprinkler  Leakage,  Theft  and  Weather  


Fire,  Accident,  Automobile,  Boiler  and  Machinery,  Employers 
Liability,  Guarantee  (limited  to  Fidelity),  Inland  Transporta- 
tion, Plate  Glass,  Property  Damage,  Public  Liability,  Sickness 
and  Theft  

Life  


*  See  note  on  page  XXXVIII 


CLASS  C  -  PREMIUM  NOTE  MUTUAL  COMPANIES 


Farmers'  Mutual— Fire 


Algoma  

Amherst  Island  

Ayr  Farmers'  

Bay  of  Quinte  Agricultural  

Bertie  and  Clinton  

Blanshard  

Brant  

Canadian  Millers'  

Caradoc  Farmers'  

Cayuga  

Culross  

Downie  

Dufferin  

Dunwich  Farmers'  

East  Williams  

Ekfrid  

Elma  Farmers'  

Erie  Farmers'  

Farmers'  Mutual  (Lindsay)  

Farm  Mutual  Reinsurance  Plan  Inc 


c 

273 

c 

273 

D 

273 

C 

273 

C 

273 

C 

273 

D 

273 

B 

273 

C 

273 

C 

273 

C 

273 

C 

273 

C 

273 

D 

273 

C 

273 

C 

273 

c 

273 

c 

273 

c 

273 

E 

273 

\\M  \L  REPORT    -SUPERINTENDENT  OF  INSURANCE 


INDEX  AM)  LICENCE  REGISTER  (Cont'd) 
Q  iSS  C    PREMIUM  NOTE  MUTUAL  COMPANIES  (ConclM) 


Rl  p . 

No, 


21 

22 
J? 
24 
25 
26 
27 
L'S 
29 
30 
31 
32 
33 
31 
35 
3f> 
37 
38 
39 
40 
41 
42 
43 
44 
45 
46 
47 
48 
49 
50 
51 
52 
53 
54 


Name  of  Insurer 


Formosa  

Gennania  Farmers'  

Glengarry  Farmers'  

Granville  Patron  

Grey  and  Bruce  

Hal  well  •  

Hamilton  Township  Farmers'  

Hay  Township  Farmers'  

Howard  Farmers'  

Howick  Farmers'  

Kent  and  Fssex  Farmers'  

Lambton  Farmers'  

Lanark  County  Farmers'  

Lennox  and  Addington  

Lobo  

London  Township  

McGillivray  

McKillop  

Norfolk  H 

Xorth  Blenheim  Farmers'  

Xorth  Dumfries  and  South  Waterloo  Farmers' 

Xorth  Kent  

Oxford  •  •  • 

Peel  iU.i 

Peel  and  Maryborough  

Prescott  Farmers'  

South  Easthope  Farmers'  

Southwold  Farmers'  

Townsend  Farmers'  

I'sborne  and  Hibbert  

Wabisa  

West  Wawanosh  

Westminster  

Yarmouth  


Classes 

Annua  l 

OF 

State- 

Insur- 

ment 

ance 

Page  No. 

C 

273 

C 

Zto 

c 

OTi 
Zto 

c 

273 

c 

Zto 

c 

273 

c 

OTi 

D 

273 

C 

zto 

D 

273 

C 

273 

C 

OTi 

it  0 

C 

z  to 

C 

070 

Ho 

OTi 

z  to 

D 

OTi 

z  to 

OTi 

zto 

C 

OTi 

zto 

D 

OTi 
Zto 

D 

OTi 

zto 

D 

OTi 

zto 

C 

OTi 
Zto 

D 

OTi 

zto 

C 

OTi 
Zto 

C 

OTi 

zto 

Q 

273 

D 

273 

C 

273 

C 

273 

c 

273 

c 

273 

c 

273 

A 

273 

D 

273 

Fire  Insurance  only. 

Fire  insurance  limited  to  insuring  on  the  premium  note  plan  against  fire  and  lightning,  building,  plant  and 
stocks  of  millers  and  grain  dealers  used  in  connection  with  the  milling  or  grain  trade,  also  dwellings  and 
outbuildings  and  contents  thereof  owned  by  such  millers  and  grain  dealers  or  their  employees. 
Fire,  and  in  respect  of  property  that  it  insures  against  Fire,  Property  Damage,  Theft,  Employers'  Liability 
and  Public  Liability  subject  to  the  limitations  of  Section  169  (13)  of  The  Corporations  Act. 
Fire.  Employers'  Liability,  Hail,  Property  Damage,  Public  Liability  and  Theft,  subject  to  the  limitations 
of  Section  169(13)  of  The  Corporations  Act. 

Hail,  Liability  and  Property,  subject  to  the  limitations  of  Section  168  (3)  of  The  Corporations  Act  (limited 

to  contracts  of  reinsurance). 


CLASS  D  -  FRATERNAL  SOCIETIES 


Ref. 
No. 


Name  of  Insurer 


Associated  Canadian  Travellers  

Canadian  Foresters  Life  Ins.  Society  

Canadian  Slovak  Benefit  Society  

Canadian  Slovak  League  

Canadian  Woodmen  of  the  World  

Catholic  Order  of  Foresters  

Civil  Service  Mutual  Benefit  Society  

Commercial  Travellers'  Association  of  Canada. 

Croatian  Catholic  Union  of  U.S. A  

Croatian  Fraternal  Union  of  America  


Classes  of  Insurance 


Life  and  Accident  

Life,  Accident  and  Sickness 
Life,  Accident  and  Sickness 

Life  

Life  and  Sickness  

Life  

Life  

Life  

Life,  Accident  and  Sickness 
Life,  Accident  and  Sickness 


Annual 
State- 
ment 
Page  No. 


237 


*  See  note  on  page  XXXVIII 


INDEX  FOR  1974 


XXXVII 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 

CLASS  D  -  FRATERNAL  SOCIETIES  (Concl'd) 


Name  of  Insurer 


First  Catholic  Slovak  Ladies  Association  of  the  U.S.A  

First  Catholic  Slovak  Union  of  the  U.S.A  

Funeral  Society  of  Ontario  (Fraternal)  

Grand  Orange  Lodge  of  British  America.  

Hungarian  Reformed  Federation  of  America  

Independent  Order  of  Foresters  

Knights  of  Columbus  

Labor  Zionist  Alliance  

Lutheran  Life  Ins.  Soc.  of  Canada  

Metropolitan  Toronto  Police  Widows*  and  Orphans'  Fund 

National  Fraternal  Society  of  the  Deaf  

North  American  Benefit  Association  

Ontario  Secondary  School  Teachers'  Fraternal  Society. . . . 

Ont.  Sec.  School  Teachers'  Sick  Benefit  Society  

Order  of  Italo-Canadians  

Royal  Arcanum,  Supreme  Council  of  

Serb  National  Federation  

Sons  of  Scotland  Benevolent  Association  

Ukrainian  Fraternal  Society  of  Canada  

Ukrainian  Mut.  Ben.  Assoc.  of  St.  Nicholas  of  Canada  . .  . 

Ukrainian  National  Aid  Association  of  America  

Ukrainian  National  Association  

Ukrainian  Workingmen's  Association  

Union  of  Canada  Life  Insurance  

United  Commercial  Travelers  of  America  

Workers  Benevolent  Association  of  Canada  

Workmen's  Circle  


Classes  of  Insurance 


Life  

Life  

Life  

Life  

Life,  Accident  and  Sickness. 
Life,  Accident  and  Sickness. 

Life  

Life,  Accident  and  Sickness. 
Life,  Accident  and  Sickness. 

Life  

Life,  Accident  and  Sickness. 

Life  

Life  

Sickness  

Life  and  Sickness  

Life  

Life,  Accident  and  Sickness. 

Life  and  Sickness  

Life  

Life,  Accident  and  Sickness. 

Life  

Life,  Accident  and  Sickness. 

Life  

Life,  Accident  and  Sickness. 

Accident  

Life,  Accident  and  Sickness. 
Life,  Accident  and  Sickness. 



♦See  note  on  page  XXXVI 


CLASS  E  -  MUTUAL  BENEFIT  SOCIETIES 

SICK  AND  FUNERAL  BENEFITS 


Name  of  Insurer 


Army  and  Navy  Veterans  Society  of  Hamilton,  Her  Majesty's  

Bled  Mutual  Benefit  Society  

Border  Cities  Italian  Club  Mutual  Benefit  Society  

Brantford  Hungarian  Mutual  Benefit  Society  

Brantford  Polish  Mutual  Benefit  &  Friendly  Society  

Canadian  Hebrew  Benevolent  Society  

Canadian  National  Expressmen's  Mutual  Benefit  Association  

Canadian  Pacific  Expressmen's  Sick  Benefit  Association  

Czenstochower  Aid  Society  

Daughters  of  England  Benevolent  Society  

Driltzer  Young  Men's  Mutual  Benefit  Society  

Gagliano  Aterno  Mutual  Benefit  Society  

Goodwill  Mutual  Benefit  Society  

Grand  Order  of  Israel  Benefit  Society  

Hamilton  St.  Stanislaus  Mutual  Benefit  Society  

Hebrew  Friendly  Sons  of  David  Mutual  Benefit  Society  

Independent  Friendly  Workers'  Circle  Mutual  Benefit  Society  

Independent  Mutual  Benefit  Federation  

Italian  Ladies*  Mutual  Benefit  Society  of  Hamilton  

Italian  Mutual  Benefit  Society  of  Port  Arthur  

Italian  Mutual  Benefit  Society  of  Port  Colborne  and  Humberstone. 

Iwansker  Mutual  Benefit  Society  

Judean  Benevolent  and  Friendly  Society  

Kieltzer  Sick  Benefit  Society  of  Toronto  

Lagover  Mutual  Benefit  Society  

Linitzer  Sick  Benefit  Society  


*  See  note  on  page  XXXVIII 


X  X  X  V  1 1 1 


ANNUAL  REPORT 


—  SUPERINTENDENT  OF  INSURANCE 


INDEX  AND  LICENCE  REGISTER  (Cont'd) 
GLASS  B- MUTUAL  BENEFIT  SOCIETIES  (Concl'd) 

SICK  AND  FUNERAL  BENEFITS 


Name  of  Insurer 


1  ml/or  i'c:ii!c  Mutual  Benefit  Society  

Loyal  True  Blue  Association  

NLu  lean-Hunter  Printing  Division  Mutual  Benefit  Society  

Marconi  Mutual  Benefit  Society  of  Hamilton  .  

Harris  Company  Verity  Worka  Sick  and  Funeral  Mutual  Benefit  Association 

Mosirei  Sick  Benefit  Society  

Odd  Fellows.  Grand  Lodge  of  Ontario,  Independent  Order  of  

Order  Of  Sons  of  Italy  of  Ontario  Mutual  Benefit  Society  

Oetrowetl  Independent  Mutual  Benefit  Society  

OlTOWei  Mutual  Benefit  Society  

Polish  Alliance  Friendly  Society  of  Canada  

Polish  National  Union  of  Canada  Mutual  Benefit  Society  

Pride  of  Israel  Sick  Benefit  Society  

Radomer  Mutual  Benefit  Society  

Societa  Figli  d'ltalia  di  Mutuo  Soccorso  St.  Antonio  di  Ottawa  

Societa  Italiana  di  Mutuo  Soccorso  Guglielmo  Marconi  

Societa  di  Mutuo  Soccorso  Racalmutese  

nd  Daughters  of  Canadian  Lithuanian  Mutual  Benefit  Society  

Sons  of  Abraham  Mutual  Benefit  Society  

Sons  of  Jacob  Benevolent  Society  

St.  Boniface  Benefit  Society  

St.  Joseph  Aid  Society  of  Formosa  

Stashiver  Young  Men's  Mutual  Benefit  Society  

Toronto  Grand  Order  of  Israel  Mutual  Benefit  Society  

Toronto  Hebrew  Benevolent  Society  

Toronto  Independent  Benevolent  Association  

United  Jewish  People's  Order  Mutual  Benefit  Society  

Vitese  Mutual  Benefit  Society  

Warsaw  Lodzer  Mutual  Benefit  Association  

Wierzbniker  Friendly  Mutual  Benefit  Society  

Young  Men's  Hebrew  Association  


CLASS  F- LLOYD'S 


Name  of  Insurer 


Non-Marine  Underwriters,  Members  of 
Lloyd's  


Classes  of  Insurance 


ANNUAL 

State- 
ment 
Page  No. 


All  classes  except  Life  Insurance. 


257 


NOTE  —The  Order-in-Council  dated  the  29th  day  of  November,  1934.  approving  the  application  for  licence  of 
the  Non-Marine  Underwriters,  Members  of  Lloyd's,  London,  contained  the  following  regulation:  — ''That  in  the  list 
of  licensed  insurers  to  be  published  by  the  Superintendent  of  Insurance  in  THF.  ONTARIO  GAZETTE,  pursuant  to 
the  provisions  of  Section  9  of  The  Ontario  Insurance  Act.  the  Superintendent  is  hereby  authorized  to  include  such 
summarized  statements  concerning  members  of  Lloyd's  licensed  under  the  said  Act  as  the  Minister  may  deem  sufficient 
and  appropriate."  Accordingly,  the  names  of  such  members  are  not  printed  herein  but  are  on  file  for  inspection  at 
the  Office  of  the  Superintendent  of  Insurance. 

•  N.B.  -  The  following  is  the  note  referred  to  at  the  foot  of  pages  XVIII  to  XXXVIII  pertaining  to 
Joint-Stock,  Mutual,  Cash-Mutual,  Fraternal,  Reciprocal  and  Miscellaneous  Insurers,  viz.: 

The  insurer  is  also  registered  pursuant  to  The  Canadian  and  British  Insurance  Companies  Act,  1952 
or  The  Foreign  Insurance  Companies  Act,  1952,  as  the  case  may  be,  and  its  affairs  are  reported  upon  in 
detail  in  the  Annual  Report  of  the  Dominion  Superintendent  of  Insurance.  Accordingly,  it  has  been 
required  to  file  only  a  modified  statement  with  the  Ontario  Department  as  authorized  by  Regulations 
passed  under  Section  74  (2)  of  the  Act.  Only  the  details  of  the  Business  in  Ontario  of  this  company  are 
included  in  this  report  and  appear  in  the  Statistical  Tables. 


INDEX  FOR  1974 


XXXIX 


INDEX  ADDENDA 


NAMES  OF  INSURERS  NEWLY  LICENSED  BETWEEN  JANUARY  1,  1973 
AND  DECEMBER  31,  1974 


Namh  of  Insurer 


Canadian  General  Life  Insurance  Company  (for 
merly  The  Income  Disability  and  Reinsurance 
Company  of  Canada)  

Chrysler  Insurance  Company  (formerly  Car  City 
Insurance  Company  


The  Contingency  Insurance  Company  Limited . 


Eaton  Life  Assurance  Company  (formerly  The  T 

Eaton  Life  Assurance  Company)  

Herald  Insurance  Company  


Insmor  Mortgage  Insurance  Company. 
Markel  Insurance  Company  


Massachusetts  Indemnity  &  Life  Insurance 
Company  

MONY  Life  Insurance  Company  of  Canada.  . 

Northumberland  General  Insurance  Company  (for 
merly  Adanac  General  Insurance  Company  of 
Canada)  


The  Sovereign  Mortgage  Insurance  Company. . 
Sun  Alliance  Insurance  Company  (formerly  Guild 
hall  Insurance  Company  of  Canada)  


Mutual  Insurance  Corporations 

Dufferin  Mutual  Fire  Insurance  Company  (for 
merly  Dufferin  Farmers'  Mutual  Fire  Insurance 
Company)  


Oxford  Mutual  Fire  Insurance  Company  (formed 
Nissouri  Farmers'  Mutual  Fire  Insurance  Com 
pany   May  28,  1973 


Effective 
Date 


Nov.  1,  1973 
Feb.    5,  1973 


Oct.  29,  1973 


Oct.  15,  1973 
Aug.  28,  1973 

Mar.  14,  1973 
Jan.    1,  1973 


Sept.  13,  1973 
Sept.  1,  1973 


Jan.  29,  1973 


Feb.  27, 1973 
Mar.  13,  1973 


Classes  of  Insurance 


Apr.  25,  1973 


Fraternal  Societies 
Lutheran  Life  Insurance  Society  of  Canada  

Mutual  Benefit  Societies 

Toronto  Grand  Order  of  Israel  Mutual  Benefit 
Society  


Life,  Accident  and  Sickness 

Fire  (limited  to  Personal  Property),  Automobile 
(excluding  insurance  against  liability  for  loss  or 
damage  to  persons  or  property  caused  by  an 
automobile  or  the  use  or  operation  thereof), 
Inland  Transportation,  Property  Damage  and 
Theft  (limited  to  Personal  Property). 

Fire,  Accident,  Automobile,  Boiler  and  Machinery 
(excluding  Machinery),  Inland  Transportation, 
Plate  Glass,  Property  Damage  and  Theft. 

Life,  Accident  and  Sickness. 

Accident   and    Sickness,   Aircraft,  Automobile, 

Fidelity,  Liability,  Property  and  Surety. 
Mortgage 

Accident  and  Sickness,  Aircraft,  Automobile, 
Boiler  and  Machinery,  Fidelity,  Liability, 
Marine,  Property  and  Surety 

Accident  and  Sickness. 
Life,  Accident  and  Sickness. 

Fire,  Automobile,  Boiler  and  Machinery,  Em- 
ployers' Liability,  Inland  Transportation,  Prop- 
erty Damage,  Plate  Glass,  Public  Liability  and 
Theft. 

Mortgage 

Accident  and  Sickness,  Aircraft,  Automobile, 
Boiler  and  Machinery,  Fidelity,  Hail,  Liability, 
Property  and  Surety. 


Fire,  and  in  respect  of  property  that  it  insures 
against  Fire,  Property  Damage,  Theft,  Em- 
ployers' Liability  and  Public  Liability  subject 
to  the  limitations  of  Section  169  (13)  of  the 
Corporations  Act. 


Fire,  Employers'  Liability,  Hail,  Property  Dam- 
age, Public  Liability  and  Theft,  subject  to  the 
limitations  of  Section  169  (13)  of  The  Corpora- 
tions Act. 


Jan.    1,1973  Life,  Accident  and  Sickness. 


Oct.    5,  1973   Sick  and  Funeral  Benefits. 


XL 


ANM  \l   REPORT  — SUPERINTENDENT  OF  INSURANCE 


N  Oil  s  OF  INSURERS  WITHDRAWN  OR  CEASED  TO  TRANSACT  BUSINESS  BETWEEN 
J  tNUARY  1,  1973  AND  DECEMBER  31,  1974 


Nami:  ok  Insikkr 


Remarks 


Adan.ic  General  Insurance  Company  of  Canada. 

Beaver  Insurance  Company  

Car  City  Insurance  Company  

The  T.  Baton  Life  Assurance  Company  

riie  Fideliu  &  Casualty  Company  of  New  York 

Firemen's  Insurance  Company  of  Newark  

Granite  State  Insurance  Company  

Guildhall  Insurance  Company  of  Canada  


Helvetia  Swiss  Fire  Insurance  Company  Limited. 
Home  Assurance  Company  of  Canada  


The  Income  Disability  and  Reinsurance  Company 
of  Canada  


Name  changed  to  Northumberland  General  Insurance  Company. 
Effective  January  29,  1973. 

Amalgamated  with  Guardian  Insurance  Company  of  Canada. 
E  ffective  December  31,  1973. 

Name  changed  to  Chrysler  Insurance  Company.  Effective  Febru- 
ary 5,  1973. 

Name  changed  to  Eaton  Life  Assurance  Company.  Effective 

October  15,  1973. 
Reinsured  with  The  Dominion  Insurance  Corporation.  Effective 

July  1,  1973. 

Reinsured  with  The  Dominion  Insurance  Corporation.  Effective 
July  1,  1973. 

Reinsured  with  New  Hampshire  Insurance  Company.  Effective 

January  1,  1973. 
Name  changed  to  Sun  Alliance  Insurance  Company.  Effective 

March  13,  1973. 
All  business  run-off.  Licence  not  renewed  July  1,  1973. 
Liquidator  abandoned  litigation  in  Ontario.  Licence  not  renewed 

July  1,  1973. 

Name  changed  to  Canadian  General  Life  Insurance  Company. 
Effective  November  1,  1973. 


Mutual  Insurance  Corporations 

Dereham  &:  West  Oxford  Mutual  Fire  Insurance 
Company  


Dufferin  Farmers'  Mutual  Fire  Insurance  Company 
Nissouri  Farmers'  Mutual  Fire  Insurance  Company 


Fraternal  Societies 

Aid  Association  for  Lutherans  

Lutheran  Brotherhood  

Mutual  Benefit  Societies 

Dominion  Glass  Workers'  Mutual  Benefit  Society 
of  Hamilton  

Sons  of  England  Benefit  Society  

Sons  and  Daughters  of  Ireland  Protestant  Asso 
ciation  


Reinsured  with  Nissouri  Farmers*  Mutual  Fire  Insurance  Com- 
pany. Effective  May  1,  1973. 
Name  changed  to  Dufferin  Mutual  Fire  Insurance  Company. 

Effective  April  25,  1973. 
Name  changed  to  Oxford  Mutual  Fire  Insurance  Company.  Ef- 
fective May  28,  1973. 


Reinsured  with  Lutheran  Life  Insurance  Society  of  Canada.  Ef- 
fective January  1,  1973. 

Reinsured  with  Lutheran  Life  Insurance  Society  of  Canada.  Ef- 
fective January  1,  1973. 


Society  dissolved.  Effective  August  11,  1973. 
Society  dissolved.  Effective  July  9,  1973. 

Ceased  to  write  insurance.  Effective  December  31,  1973. 


I 

ANNUAL  STATEMENTS 


(A) 

LIFE  INSURANCE  COMPANIES 


HI 


LIFE  INSURANCE  COMPANIES  FOR  1973 


3 


AETERNA-LIFE  INSURANCE  COMPANY 

Head  Office:  Montreal,  Que. 

Officers.  -  President  of  the  Board,  J-P.  Tardif;  Executive  President  J-P   Guimont;  Executive  Vice-President 
A  Roussin;  Vice-President,  F.  Guay;  Vice-President  &  Controller,  R.  Rivest;  Secretary,  L.  Grothe. 
Directors.  -  J-P.  Tardif,  J-P.  Guimont,  A.  Verge,  H.  F.  Beique,  G.  A.  Roussin,  L.  Grothe,  J.  A.  Vincent. 
Auditors.  -  Samson,  Belair,  Cote,  Lacroix  &  Assoc. 

Date  of  Incorporation.  -  February  18,  1965;  Dale  Commenced  Business  in  Ontario.  -  August  7,  1970. 
Provinces  in  which  licensed.  -  Ontario,  Quebec,  New  Brunswick. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

Capital  Stock  Authorized: 

Amount  -  Common  $1,000,000. 
No.  of  Shares  -  Common,  10,000. 

Par  value  $100.  No  qf  Amount  Amount 

Shares        Subscribed    Paid  in  Cash 
Capital  stock  issued  and  outstanding  at  beginning  and  at  end  of  year:  ^  ^  ^  $500,000 


Comparative  Balance  Sheet 
Assets 


Current  Prior 
Year  Year 


Investments:  _  $     455  000 

Short  term  deposits  and  money  market  securities   $  9  847  319  8  438990 

g°n?s !  i;450',286  1*229  *681 

Stocks. . . .   8,427,164  7,701 ,824 

Mortgage  loans                                                                                       ■   ••  2,729,397  2,344,657 

po^££""::::::::::::::::::"^  1-485-535  1-457-225 

total  investments..    »  » »:; : : :: 23*9i?:??i  21Wi 

Investment  income,  due  and  accrued  . .    in«'«Q7  3QQ*417 

Outstanding  life  insurance  premiums  and  annuity  considerations   15  884  26,378 


Other  assets 

Total  assets   $24,463,436 


TOTAL  LIABILITIES   $21^446 


$22,243,318 


Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force.   $20,075,491  $17,929,789 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts 

and  including  interest  accumulations  •  •  •  •  •  •  •  •  • :  •  obf  ,<m  ODU*'iJ 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in  1fi2 

the  following  year   loo,4ya  1D  ' 

Sub-total  ::...V.  2°.909'331  18'652'589 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  tor  ^  218,371 

unreported  claims   9n'nfV7  25*794 

Insurance  premiums  and  annuity  considerations  received  in  advance   104*067  94  311 

Provision  for  quinquennial  dividends   i  ^s'fifiq  280  111 

Accounts  payable  and  accrued  expenses   34  665  27*226 

Amounts  received  but  not  yet  allocated   %i\^T  18*187 

Outstanding  premium  balances  due  reinsurers   134218  129/797 

Miscellaneous  liabilities   15*000  4*775 

Provision  for  income  tax   _  '  14  399 

Employees'  pension  and  insurance  funds    ' 

$19,465,560 


Policyholders  equity:  $  _960m  $  -932,405 

Surplus  in  par  fund   •     200  000  200,000 

Investment  reserve  non  par  fund   ^u,wu 

Shareholders' equity:  500,000  500,000 

S^lusin°n^  3-159'224  3'°10'163 

Total  equity   »  2-898-990  $  2'777'758 

Total  liabilities  and  equity   $2^436  S22.243.318 

Summary  of  Operations 

Premiums  and  annuity  considerations   $  4'615*366  $  3'914*304 

Considerations  for  settlement  annuities   .  505'745  j  422*473 

Net  investment  income   '  '   

„  $  6.144,162  $  5,339,063 

Total  income   9  ' 


4 


\1    REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Aotermi-l.ifo  (cont'd) 

Summary  of  Operations  (cont'd) 


Current  Prior 
Year  Year 


Claims  Incurred  Under  Insurance  and  annuity  contracts,  other  than  under  settlement  . 

annuities   $  1,430,851  $  1,432,967 

Payments  undei  settlement  annuities  ....  15,590  10,441 

Normal  increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation 

bases).,   2,116,455  1,434,461 

Interest  ctedited  to  am, mat-  on  depo  it  with  the  company   27,780  24,746 

Interest  on  claims   7.970  8,055 

Taxes,  licences  and  fees,  excluding  investment  taxes  and  income  tax   91,268  85,81b 

Commissions  on  Insurance  premiums  anil  annuity  considerations   700,438  659,716 

General  expenses  ^excluding  investment  e  xpenses)   1,197,497  1,128,124 

rOTAI  EXPENSES   $  5,587,849  $  4,784,326 

losses  on  investments,  dividends  to  policyholders  and  income  tax  556,313  554,737 

Dividends  to  policyholders   178,415  164,877 

Croup  experience  refund   7,050   1,800 

Profii                 ins  or  losses  on  investments  and  income  tax   370,848  388,060 

Net  gains  or  losses  on  investments   135,232  63,717 

Profit  before  income  tax   506,080  451,777 

Income  tax   15,000  15,000 

Net  profit   $     491,080  $  436,777 


Surplus  Account 

Surplus,  at  beginning  of  year:  -,niniM  «  9  771  q7« 

I  .  insurance  and  annuity  funds  -  shareholders   $  a.u ^.iocs  a> 

In  insurance  and  annuity  funds  -  policyholders   —932,405  —8b7,4Uy 


INCREASES 


Balance  carried  from  summary  of  operations   $       ?r'£™  ot'ool 

1972  and  1971  income  tax  credit   iI'Sqq  jb,ZZb 

Decrease  of  Employee  Pension  Fund   14,399 

Total  increase   %    520,479  %  462,002 


DECREASES 

Actuarial  reserve  adjustment  of  prior  years   $      29,247  $  ~ 

Extraordinary  expenses  on  mortgage  loans                                                                           —  179,Uld 

Total  decrease  before  dividends  to  shareholders   %      29,247  %  179,013 

Ne  i  increase  before  dividends  to  shareholders   %     491,232  %  282,989 

Dividends  to  shareholders                                                                                             370,000  110,000 

Net  increase   $     121,232  %  172,989 

Surplus,  at  end  of  year:  .„,..„„.  e  o  mn  i«q 

In  insurance  and  annuity  funds  -  shareholders   »  d'\an'H,  awms 

In  insurance  and  annuity  funds  -  policyholders                                                         -UbU,^4  -usz^uo 


EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

ANNUITIES 

FRATERNAL 
FUND 

Total 

Ordinary 

Groups 

Ordinary 

Ordinary 

Partici- 
pating 

Non- 
partici- 
pating 

Non- 
partici- 
pating 

Partici- 
pating 

Non- 
partici- 
pating 

Partici- 
pating 

Net  of  reinsurance 
ceded: 
Single  

S 

$ 

$ 

$ 

$ 

546,417 
105,145 
61,338 

$ 

$ 

546,417 
578,654 
3,497,980 

First  Year  

149,811 
734,463 

319,550 
1,062,020 

4,148 
46,642 

Renewal  

2,885 

1,590,632 

Totals  

884,274 

1,381,570 

50,790 

2,885 

712,900 

1,590,632 

4,623,051 

LIFE  INSURANCE  COMPANIES  FOR  1973 


Aeterna-Life  (cont'd) 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  PoHcy 


Classification 

PARTICI- 
PATING 

NON- 
PARTICIPATING 

Total 

Ordinary 

Ordinary 

Group 

$ 

$ 

$ 

$ 

81,509,598 
10,365,851 
42,122,283 

68,642,400 
1,470,141 
50,824,470 

150,151,998 
11,835,992 
105,077,032 

12,130,279 

133,997,732 

120,937,011 

12,130,279 

267,065,022 

General  and  Investment  Expenses 


Life 

Investment 

Total 

RKNT 

$ 

96,000 
37,682 

$ 

4,000 

$ 

100,000 
37,682 

133,682 

4,000 

137,682 

SALARIES,  WAGES  AND  ALLOWANCES 

442,025 
66,169 
81,544 
4,350 
14,998 

38,300 

480,325 
66,169 
81,544 
7,350 
14,998 
13,357 

3,000 

13,357 
622,443 

41,300 

663,743 

CONTRIBUTIONS  TO  EMPLOYEES'  AND  AGENTS'  WELFARE 

20,020 
25,974 
4,088 
11,296 
4,873 
6,543 

1,700 

21,720 
25,974 
4,338 
11,696 
5,298 
6,893 

250 
400 
425 
350 

72,794 

3,125 

75,919 

PROFESSIONAL  AND  SERVICE  FEES  AND  EXPENSES 

30,150 

1,003 

1,003 
30,150 
20,473 

5,500 
83,769 

20,473 
4,000 
64,969 

1,500 
18,800 

119,592 

21,303 

140,895 

MISCELLANEOUS  EXPENSES 

38,525 
19,283 
1,429 
6,685 
1,362 

38,525 
19,283 
1,589 
7,385 
1,862 
4,545 
1,555 
48,517 
19,669 
5.235 
70,670 
26,324 
20,132 

160 
700 
500 
4,545 

1,555 
46,117 
18,669 

5,235 
67,670 
22,324 
20,132 

2,400 
1,000 

Rental  of  equipment,  tabulating  and  miscellaneous  services  

3,000 
4,000 

248,986 

16,305 

265,291 

REAL  ESTATE  EXPENSES,  EXCLUDING  TAXES  

135,486 

135,486 

135.486 

135,486 

1,197,497 

221,519 

1.419,016 

0 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


7 


Aeterna-Life  (cont'd) 


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ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Aeterna-Life  (cont'd) 


Summary  of  Reserve 


Fraternal 

Partici- 
pating 

Non- 
partici- 
pating 

Total 

Reserve  for  policies  and  contracts  in  force: 

Annuity  

Total  

Deduct  reserve  for  reinsured  contracts: 

Total  Reinsurance  

Net  reserve  carried  in  liabilities  

8 

14,684,725 
15,360 

$ 

2,359,992 
17,870 

S 

2,192,474 
1,073,687 

$ 

19,237,191 
1,106,917 

14,700,085 

2,377,862 

3,266,161 

20,344,108 

193,316 

12,758 

62,543 

268,617 

193,316 

12.758 

62.543 

268,617 

14,506,769 

2,365,104 

3,203,618 

20,075,491 

Actuarial  Reserve 

Valuation  of  Insurance.  Contracts 

Life  insurance  contracts  other  than  industrial  certificates  are  based  on  the  Canadian  Modified  Valuation  Method 
and  the  following  interest  and  mortality  assumptions: 

AM  (5)  at  3H%  for  contracts  issued  prior  to  1948  except  for  Double  Protection  to  60  and  Life  to  65. 

1941  CSO  at  3j^%  for  contracts  issued  from  1948  until  June  1968. 

1958  CSO  for  contracts  issued  since  June  1968  and  an  interest  rate  of 

(i)  4%  for  the  ordinary  life  plan. 

(ii)  33^%  for  all  other  plans. 

Policies  with  rated  up  age  are  evaluated  on  the  basis  of  rated  up  age. 

The  reserves  for  substandard  policies  with  extra  premium  are  equal  to  those  as  a  standard  policy  plus  a  reserve 
equal  to  the  unearned  portion  of  the  extra  premium  according  to  the  date  of  issue. 
The  company  has  not  issued  any  policy  on  special  lives. 

The  company  has  not  issued  policies  with  single  extra  premiums.  Policies  with  annual  extra  premiums  are  evaluated 
on  the  basis  of  rated  up  age. 

The  disability  benefits  and  death  of  nominee  benefits  included  in  some  policies  are  evaluated  as  follows: 

(1)  waiver  of  premium  and  monthly  income:  estimated  according  to  1926  Class  (3)  Disability  Table  at  150% 
and  41  CSO  2J^%. 

(2)  waiver  of  premium  in  case  of  death  of  nominee:  the  reserve  on  active  policies  is  equal  to  the  unearned  premium. 
After  the  occurrence  of  disability,  the  reserve  is  based  on  the  1954  Ordinary  Disability  Benefit  5  Table. 

Policies  with  benefits  in  case  of  accidental  death: 

(a)  For  double  indemnity  in  case  of  accidental  death  the  reserve  is  based  on  1926-1933  Inter  Company  Double 
Indemnity  Mortality  table  with  41  CSO  with  a  loading  of  6.9%  of  the  reserve  for  the  Triple  Indemnity  and 
Dismemberment  Benefit. 

(b)  For  some  other  accidental  death  and  dismemberment  benefits  the  reserve  is  equal  to  the  unearned  premium. 
The  settlement  annuities  are  evaluated  at  an  interest  rate  of  3%. 

Family  income  policies  and  riders  are  evaluated  on  the  basis  of  unearned  premium  (the  children  portion  on  policies 
known  as  "Family  Group"  is  also  evaluated  as  the  unearned  portion  of  the  appropriate  premium). 

The  term  insurance  on  the  spouse  in  case  of  Family  Group  is  based  on  115%  of  41  CSO  33^%  after  the  death 
of  the  husband. 

In  the  case  of  the  guaranteed  insurability  benefit,  the  reserve  is  the  accumulation  of  premiums  with  interest. 
The  industrial  certificates  are  evaluated  on  the  following  bases: 

(1)  Mortality  bases  for  the  present  value  or  premiums:  CM  (5). 

(2)  Mortality  of  members  and  dependents:  CM  (5)  modified: 

(i)  up  to  age  45;  twice  the  CM  (5)  rate  of  mortality. 

(ii)  from  45  to  101  a  decreasing  percentage  of  200%  of  CM  (5)  at  age  45  to  100%  at  age  101. 

(3)  Interest:  3^%. 

The  reserve  for  these  certificates  is  equal  to  the  present  value  of  future  benefits  minus  80%  of  the  present  value  of 
future  premiums. 

The  deferred  annuity  contracts  with  an  annual  premium,  issued  prior  to  1969  and  those  with  a  single  premium, 
the  reserve  is  based  on  a-49  at  4%,  net  level  premium  method. 

For  annuities  to  retired  employees  of  Aeterna-Life  and  for  the  single  premiums  immediate  annuities  issued  prior 
to  1972,  the  reserve  is  based  on  a  (55)  at  4%. 

For  income-averaging  annuity  contracts,  the  reserve  is  calculated  using  an  interest  rate  of  7%. 

The  deferred  annuity  contracts  with  an  annual  premium  issued  since  1969,  the  reserve  is  based  on  a-49  at  Ac\  ■ 
"Quebec  modification"  method. 

The  single  premium  immediate  annuities  issued  since  1972,  the  reserve  is  based  on  a-49  Projection  C  1975  and  an 
interest  rate  of  7%  for  15  years  (or  734%)  and  4%  thereafter. 

Special  Reserves 

No  reserve  for  future  expenses. 

Any  amount  exceeding  the  cash  surrender  value  in  case  of  reinstatement  would  be  minimal  if  any. 
Renewal  term  policies  were  first  issued  in  1960  and  no  special  reserve  is  being  held  for  these  cases. 
Allocation  of  Surplus 

Dividends  are  obtained  on  the  basis  of  a  "two  factors  formula"  by  combining  the  mortality  and  loading  with 
interest  at  3%  to  obtain  an  experience  premium.  To  the  difference  between  the  experience  and  actual  premium  is 
added  a  factor  for  excess  interest.  Quinquennial  dividends  are  declared  at  100%  for  due  in  the  next  year,  S0%  for 
due  in  2  years,  etc. 

Dividends  are  payable  for  policies  with  annual,  semi-annual  and  quarterly  and  paid  cash  in  most  cases. 
Deferred  Premium 

The  calculation  of  the  reserve  is  done  on  an  exact  basis  for  all  policies,  thus  no  deferred  premium  is  generated. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


9 


Aeterna-Life  (concl'd) 


Life  Insurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

"NT  t  t  \/t  ni?p 

A  ATfW  TKJ  T 
A 1  VI \J  U  IN  1 

Number  of 
Policies 

Number  of 
Certificates 

A  TVTOTTMT 

Number  of 
Policies 

A  TVTr^T  TXT T 

_ 

IN  rORCE, 

Tior-    *3  1  1Q79 

New  effected .... 

59,082 
4,177 
93 

$ 

240,732,170 
32,974,367 
553,406 
2,413!578 

3 
1 

2,660 
517 
2 

$ 

9,300,168 
4,347,900 
2,520 
313i000 

59,085 
4,178 
93 

250,032,338 
37,322,267 
555,926 
2,726i578 

Totals  

Less  ceased  by: 
Death  

63,352 

276,673,521 

4 

3,179 

13,963,588 

63,356 

290,637,109 

598 
57 

145 
1,375 
1,631 

843,766 

2 

6,448 

598 
57 

145 
1,375 
1,631 

850,214 
67,248 
1,583,821 
4,090,160 
14,213,907 
348,000 
2,418,737 

Maturity  

67,248 
1,583,821 
4,090,160 

Expiry  

Lapse  

13,169,325 

303 
38 

1,044,582 
348,000 

1,984,458 

434,279 

Total  

3,806 

21,738,778 

343 

1,833,309 

3,806 

23,572,087 

In  Force, 

Dec.  31,  1973. 

59,546 

254,934,743 

4 

2,836 

12,130,279 

59,550 

267,065,022 

Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsurance 
Ceded 

Net 

Direct 
Written 

Reinsurance 
Ceded 

Net 

$ 

$ 

$ 

$ 

$ 

$ 

32.974,367 
4,347,900 

3,837,977 
1 ,248,850 

29,136,390 
3,099,050 

254,934.743 
12,130,279 

32,197,677 
1,733,010 

222,737,066 
10,397,269 

Totals  

37,322,267 

5,086,827 

32,235,440 

267,065,022 

33,930,687 

233,134,335 

Annuities  (Gross) 


Classification 

ORDINARY  ANNUITIES 

SETTLEMENT 
ANNUITIES 

DISABILITY 
ANNUITIES 

Deferred 

Vested 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

In  force,  December  31,  1972 

123 
178 

$ 

Variable 
Amounts 

32 
26 
1 

$ 

25,933 
54,784 
182 

15 

2 

$ 

11,010 
1,800 

3 

$ 

3,000 

(2) 

600 

Less  Ceased  by: 

301 

59 

80,899 

15 

13,410 

3 

3.000 

3 

3,736 

2 

2,400 

10 

1 

Total  ceased.  . . 

11 

3 

3,736 

2 

2.400 

In  force,  December  31,  1973 

290 

56 

77,163 

15 

13,410 

1 

600 

10 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


ASSUMPTION  MUTUAL  LIFE  INSURANCE  COMPANY 

Head  Office,  Moncton,  N.B. 

n  |     Chail  man  of  the  Hoard.  Edmond  Frenette;  Vice-Chairman,  Louis  G.  LeBlanc;  President  Gilbert  Finn; 
r  Vice  President,  Simon  Bujold;  Secretary,  Gilbert  Doucet;  Vice-President,  Finance,  Rene  E.  Leblanc; 
Director  oi  Marketing,  G.  Marceux;  Comptroller,  A.  Thellab. 

1    Bondreau,  Hon.  A.  Richard.  J.  E.  Comeau,  Y.  Goguen,  A.  LeBlanc,  Dr.  O.  LeBlond.  G.  LeBlanc, 
.  E,  Aucoln,  A.  X.  LeBlanc,  E.  LeBlanc,  L.  Chiasson,  N.  J.  Bndeau,  E.  Frenette,  L.  G.  LeBlanc,  G.  Finn. 

s.  Bujold. 

Auditors.  -  LeBlanc  &  Doiron. 

OaU  Qj  Ik  orporation.  -  April  5.  1907  as  a  Fraternal;  January  1,  1969  as  a  Mutual  Life  Ins.  Co. 
Date  Commenced  Business  in  Ontario.  -  1950. 

States  m  Which  Licensed.  -  New  Brunswick,  Nova  Scotia.  Prince  Edward  Island,  Quebec,  Ontario; 
Connecticut,  Maine.  Massachusetts,  New  Hampshire.  Rhode  Island. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Comparative  Balance  Sheet 

A88etS  Current  Prior 

Year  Year 

Investments:                                       ,  „  «     Qqr,  0no  s      40  000 

Short  term  deposits  and  money  market  securities   ®22  (Jjg'Jjg  21  669,765 

Bonds  ••  8971912  84l',064 

Stocks..   17,913,147  16,047.363 

Mortgage  loans   1,350,066  1,357.646 

Real  Estate   79  094  82  837 

Agreements  of  sale  of  real  estate   Q25*000  1  242  938 

Subsidiaries,  associates  and  affiliates   1  036*280  1  '933  963 

Policy  loans   '      '  ' 

^     ,  .       .       ,  46,853,613  43.215,576 

Total  investments   369  979  336,621 

Cash   _  7,400 

Other  Assets  .  • •   484  064  452,806 

Investment  income,  due  and  accrued  .   100  774  177  174 

Outstanding  life  insurance  premiums  and  annuity  considerations   1  046  1  038 

Accident  and  sickness  premiums  due  and  unpaid  -j n'779  11*878 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid   38389  -  ' 

Taxes  recoverable    '  .  

Total  assets   847,889,637  $44-202'493 


Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force   $30,Jr\I  oft  $2§  202  211 

Aggregate  reserve  for  accident  and  sickness  insurance   .........  tvo.yoo 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts  and  g4g  ^ 

including  interest  accumulations   486*466  417*271 

Provision  for  dividends  to  policyholders   3000  3000 

Provision  for  group  experience  refund    *   ' 

Sub-total   37'338'230  33'910'°81 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  for  un-  ^  ^  384,551 

reported  claims  .•*•,*.••■••. 4.V  1  66*491 

Insurance  premiums  and  annuity  considerations  received  m  advance   iq  368  15  189 

Dividends  to  policyholders,  due  but  unpaid   266*404  256^019 

Provision  for  deferred  dividends   6*697  8*218 

Field  workers  -  Credit  Balances   176*434  145*313 

Accounts  payable  and  accrued  expenses   _  '  200,000 

Bank  overdrafts  and  borrowed  money   00  gjg  93108 

Amounts  received  but  not  yet  allocated   30690  9  583 

Outstanding  premium  balances  due  reinsurers   1  421  1*026 

Invest.  Inc.  Rec.  in  Advance   182'054  128  007 

Prepaid  Taxes  -  Mortgage  Accounts   __  '  12,364 

Provision  for  income  tax   2  134  2^225 

Unclaimed  cheques.  •  • .  •   1  257  824  986*658 

Employees'  pension  and  insurance  funds   ;  

Total  liabilities   *39-756'737  *36'218'833 

Policyholders'  equity:  $  5  687  621  $  5,553,111 

Surplus  in  par  fund   730  — 

Surplus  in  non  par  fund. . .   1  080'389  1,080.389 

Investment  reserve  par  fund..   1*350  160  1,350,160 

Other  special  reserves  par  fund   '      '  __!  

Total  equity   »  8'132-900  *  7'983'660 

Total  liabilities  and  equity   W.202,493 


LIFE  INSURANCE  COMPANIES  FOR  1973 


11 


Assumption  Mutual  Life  (cont'd) 

Summary  of  Operations 


Current  Prior 
Year  Year 


Premiums  and  annuity  considerations   $  5,851S  la'wt 

Considerations  for  settlement  annuities  .  . .  .   0T1  ™£  i  u9qr 

Contributions  to  employees  pension  and  insurance  funds,  including  $51,843  by  employees  ^HJ£  t  mn  oao 

Net  investment  income   3*  iqw 

Fees  from  deposit  administration   r'^Jo  Vok 

Other  income   5'542   If? 

Total  income   $  9,418,297  $  8,320,204 

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement  ^       ^  g  ^ 

annuities   '    ^'onn  '  in' 122 

Payments  under  settlement  annuities   io'qpV  i^94Q 

Payments  from  employees'  pension  and  insurance  funds  %  ............  o7«'nna  1  sfifiRQQ 

Normal  increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation  bases)  _,d78,uuy  i,aoo,eyy 

Increase  in  aggregate  reserve  for  accident  and  sickness  insurance   ov^'ons  lqq'wl 

Increase  in  employees'  pension  and  insurance  funds   ^^'m  9$rc'£ii 

Interest  credited  to  amounts  on  deposit  with  the  company   o'ion  i?nin 

Interest  on  claims   ft°-^"  mv^i 

Taxes,  licences  and  fees,  excluding  investment  taxes  and  income  tax   ™'™x  «<tR47* 

Commissions  on  insurance  premiums  and  annuity  considerations   o  nan  oik  1  7Q?q4i 

General  expenses  (excluding  investment  expenses)   _,Uby,y.50  1,'i)0,JJi 

Total  expenses   $  8,836,903  $  7,394,878 

Profits  before  gains  or  losses  on  investments,  dividends  to  policyholders  and  income  tax.  $     5fH*t  $     qo5  97_ 

Dividends  to  policyholders   4??'no2  fi  077 

Group  experience  refund   In'oor  «777 

Provision  for  deferred  dividend  policies   lU.dSb  °°' '  " 

Profit  before  gains  or  losses  on  investments  and  income  tax   $      £6,445  %  ±Wo,VS% 

Net  gains  or  losses  on  investments   ______ 

income _JTT. ~ ~ .™-."v: : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :  8  m%3  $  M 

Net  profit   *    207.594  «  325'272 

Surplus  Account 

Surplus,  at  beginning  of  year:  .  ,       n.  e  K  07.  747 

In  insurance  and  annuity  funds  -  policyholders   »  5,55<J,iii  * 


INCREASES 

Balance  carried  from  summary  of  operations   $     207,594  S  3?q'ooo 

Decrease  in  special  reserves   1fi'1Qr 

Foreign  exchange   18,195 

Other  increases    o,t>9o  ^  

Total  increase   $     225,841  $  393,467 


DECREASES 

Underestimated  taxes  prior  years   $      65,704     $  H'ljh 

Increase  in  non  admitted  assets   *}Vo54 

Deficiency  reserve   R„s 

Adjustment  of  sales  tax   r'o-q 

Adjustment  re  supp.  contracts   Js.zoJ 

Increase  in  investment  reserve  


57,576 


Total  decrease   $      76,601  $  115,103 

Net  increase   $     149,240  $  278,364 

Surplus,  at  end  of  year:  _  .  ,  t 

In  insurance  and  annuity  funds  -  policyholders   $  o,7M,6bi  a>  0,000,111 


Summary  of  Operations 
Accident  and  Sickness 
(Included  in  Summary  of  Operations  -  All  Business) 

Premiums  written   $  on'ri^ 

Reinsurance  ceded   _9,oio 

$  26,368 

Decrease  in  reserve  for  unearned  premiums  at  100%    2,130     $  28,498 

Claims  paid  -  net   $  80,547 

Increase  in  provision  for  unpaid  claims   ft1  «,1Q 

Increase  in  present  value  of  amounts  not  due  on  claims   ~J,y6  ai.aia 

$  -52,821 

Commissions   $  2*|^ 

SnSai  expenses:: ::::::::::::::::::::::::::::::::::::::::::::  30,152  33,348 

Increase  in  reserve  for  contingent  benefits    6,060 

Net  underwriting  profit  (loss)   *  —92,229 


l2  ANNUAL  REPORT  —  SI) PERINTEN  DENT  OF  INSURANCE 

Assumption  Mutual  !  Ife  (cont'd) 


EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


I'l  VSSII-MCA  1  ION 

LIFE  ASSURANCE 

ANNUITIES 

Total 

Ordinary 

Croup 

Ordinary 

Par. 

Non- 
Par. 

Par. 

Non- 
Par. 

Par. 

\<-t  ot  reinsurance  ceded: 

S 

12,001 
447,571 
4.100.192 

$ 

2,440 
66.183 
88,202 

$ 

$ 

$ 

128,758 
339,076 
244,264 

$ 

143,199 
998,865 
4,695,899 

143,179 
263.241 

2,856 

Totals  

4.559.764 

156,825 

406,420 

2,856 

712,098 

5,837,963 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


PARTICIPATING 

NON- 
PARTICIPATING 

Total 

Ordinary 

Group 

Ordinary 

$ 

176,323,494 
22.541,832 
45,208,860 

$ 

136,479,818 

$ 

2,854,969 
9,201,073 

$ 

315,658,281 
22,541,832 
54,409.933 

Temporary  Additions  to  Sums  Assured  

130,284 
244,204,470 

136,479,818 

12,056,042 

130,284 
392.740,330 

LIFE  INSURANCE  COMPANIES  FOR  1973 


13 


Assumption  Mutual  Life  (cont'd) 

General  and  Investment  Expenses 


RENT 

Head  office  

Branch  office  

Totals  


SALARIES,  WAGES  AND  ALLOWANCES 

Head  office  employees  

Branch  office  employees  

Directors'  fees  

Totals  


CONTRIBUTIONS  TO  EMPLOYEES'  AND 
AGENTS  'WELFARE 

Pension  and  insurance  funds  for  employees  

Pension  and  insurance  funds  for  agents  

Unemployment  insurance  F.I.C.A.,  etc  

Canada  and  Quebec  Pension  Plans  

Cafeteria,  banquets,  courses,  etc  

Contributions  to  provincial  health  insurance  plans. . . . 

Totals  


PROFESSIONAL  AND  SERVICE  FEES  AND 
EXPENSES 

Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

Auditors'  fees  

Consultant  fees  not  included  above  

Totals  


MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  conventions  

Books  and  periodicals  

Bureau  and  association  dues  

Collection  and  bank  charges  

Commission  on  mortgages  

Custody  of  securities  

Insurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  

Office  furniture  

Rental  of  equipment,  tabulating  and  miscellaneous  services 

Travelling  expenses,  head  office  

Travelling  expenses,  branch  office  

Other  expenses  

Scholarships  &  Bursaries  

Totals  


REAL  ESTATE  EXPENSES,  EXCLUDING  TAXES 

Repairs,  Maintenance,  etc  

Heat,  Electricity,  Ins  

Salaries  &  Benefits  

Totals  

Total  general  expenses  


Life 


207,766 
59,640 


267,406 


819,709 
63,524 
8,376 


891,609 


103,140 
65,917 
35,217 
14,020 
6,505 
2.399 


227,198 


14,007 
14,056 
15,220 
11,926 
54,284 


109,493 


67,335 
20,460 
3,251 
8,142 
741 


4,584 
80,309 
91,606 
75,055 
34,593 
101,723 

7,500 
16,568 
32,209 


544,076 


2,039,782 


Accident 

AND 

Sickness 


3,071 
882 


3,953 


12,118 
939 
124 


13,181 


1,525 
974 
521 
207 
96 
35 


3.358 


207 
208 
225 
176 
802 


1,618 


995 
302 

48 
120 

11 


1,187 
1,354 
1,110 
511 
1,504 
111 
245 
476 


8,042 


30,152 


Investment 


24,332 


24,332 


154,689 
800 


155,489 


220 
L545 


1,765 


500 


100 
400 
300 
■5,636 
8,257 


2,600 
1,975 
2,076 
4,510 
8.600 


1,004 


24,686 


22.764 
22,807 
47,466 


93,037 


299,309 


14 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Assumption  Mutual  l  ife  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


15 


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16 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Assumption  Mutual  Life  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


17 


Assumption  Mutual  Life  (cont'd) 


SUMMARY  OF  RESERVE 


Participating 

Non- 
participating 

Total 

Reserve  for  policies  and  contracts  in  force: 

$ 

30,089,875 
1,771,735 

$ 

110.401 

$ 

30,200,276 
1,771,735 

31,861,610 

110.401 

31,972,011 

Deduct  reserve  for  reinsured  contracts: 

104,330 

6,600 

110,930 

Deduct  deferred  life  insurance  premiums  and  annuity  considera- 

104,330 

6.600 

110,930 

31,757,280 
1,122,700 

103,801 
21,197 

31,861.081 
1,143,897 

Net  reserve  carried  in  liabilities  

30,634,580 

82,604 

30.717,184 

Actuarial  report  on  the  valuation  of  the  business  in  force 
As  at  December  31,  1973 

In  making  the  valuation  at  the  above  date,  the  following  bases  were  used  for  the  plans  indicated: 

Ordinary  Insurance 
General 

The  reserve  for  issue  years  up  to  and  including  1963  are  tabular  mean  reserves  by  the  commissioners  reserves 
valuation  Method  for  U.S.  business  and  Canadian  Modified  Reserve  Valuation  method  for  Canadian  business  for  all 
plans  except  term  insurance  where  Net  Level  Premium  method  is  used.  These  reserves  are  based  on  1941  CSO  table 
with  an  interest  of  3H%  for  years  of  issue  1947  to  1963  inclusive. 

The  reserves  for  years  of  issue  1964  to  1973  inclusive  are  tabular  mean  reserve  by  the  Canadian  Modified  Reserve 
Valuation  Method  for  all  plans  issued  in  U.S.  and  Canada  except  term  insurance  where  Net  Level  Premium  method 
is  used.  The  mortality  table  used  is  1958  CSO  table  with  an  interest  of  3%. 

Retiremevt  Income 

For  the  Retirement  Income  at  age  65  plan,  issue  up  to  and  including  1968,  the  reserves  are  Endowment  at  age  65, 
reserves  for  an  amount  of  insurance  equal  to  the  cash  option  at  age  65.  Since  1969,  reserves  are  on  an  exact  basis. 

Family  Policy 

When  the  husband  is  alive,  the  reserves  for  insurance  on  his  life  and  on  the  wife's  life  are  reserves  for  the  Life 
Paid-Up  at  age  85  plan.  These  reserves  are  increased  by  a  factor  of  5%  to  cover  the  death  and  disability  waiver  reserves 
and  the  reserves  for  Term  insurance  to  age  21  on  the  life  of  each  child. 

When  the  husband  is  dead  and  wife  alive  (and  insurable),  the  reserve  is  the  net  single  premium  for  each  $1,000. 
of  paid-up  life  insurance  at  the  wife's  attained  age  increased  by  an  amount  of  $100  per  $1,000  of  paid-up  insurance 
up  to  the  wife's  attained  age  50  with  this  additional  amount  reducing  by  $10  for  each  year  of  age  of  the  wife  over 
50  so  that  the  additional  amount  reduces  to  zero  at  the  wife's  age  60.  The  additional  amount  of  reserve  ot  $100 
reducing  as  indicated,  is  more  than  adequate  on  an  average  to  cover  the  net  single  premium  for  each  $1,000  ot  paid-up 
term  insurance  to  age  21  on  the  life  of  each  child. 

When  the  husband  is  dead  and  the  wife  dead  or  uninsurable,  the  reserve  per  $1,000  is  the  sum  of  the  net  single 
premiums  at  the  respective  attained  age  for  $1,000  of  paid-up  term  insurance  to  age  21  on  the  life  of  each  child. 

Family  Protection  Rider  (years  of  issue  1964  to  1973  inclusive) 

When  the  husband  is  alive,  the  reserves  for  insurance  on  the  wife's  life  are  modified  preliminary  term  tabular 
mean  reserves  using  the  Canadian  Modification  for  the  Life  Paid-Up  at  age  65  plan,  on  the  basis  of  the  1958  C.b.U. 
Table  with  3%  interest.  These  reserves  are  increased  by  a  factor  of  30%  to  cover  the  death  and  disability  waiver 
reserves  and  the  reserves  for  Term  Insurance  to  age  21  on  the  life  of  the  child. 

When  the  husband  is  dead  and  wife  alive,  (and  insurable),  the  reserve  is  the  net  single  premium  for  each  $1,000 
of  Paid-Up  Life  insurance  at  the  husband's  attained  age  on  the  1958  C.S.O.  3%  Table,  increased  by  an  amount  ot 
$100  per  $1,000  of  Paid-Up  insurance  up  to  the  husband's  attained  age  50  with  this  additional  amount  reducing  by 
$10  for  each  year  of  age  of  the  husband  over  50  so  that  the  additional  amount  reduces  to  zero  at  the  husband  s 
age  60.  The  additional  amount  of  reserve  of  $100  reducing  as  indicated,  is  more  than  adequate  on  the  average  to 
cover  the  net  single  premium  on  the  1958  C.S.O.  3%  Table  for  each  $1,000  of  Paid-Up  Term  Insurance  to  age  21  on 
the  life  of  each  child. 

When  the  husband  is  dead  and  the  wife  dead  or  uninsurable,  the  reserve  per  $1,000  is  the  sum  of  the  net  single 
premiums  at  the  respective  attained  ages  on  the  1958  C.S.O.  3%  Table  for  $1,000  of  Paid-up  Term  Insurance  to 
age  21  on  the  life  of  each  child. 

I  System  No.  9  and  System  No.  16  -  Term  insurance  (years  of  issue  1947  to  1963) 

System  No.  9  is  a  term  insurance  plan  with  a  small  pure  endowment  payment  at  age  18  which  varies  by  issue  age. 
System  No.  16  is  pure  term  insurance.  These  benefits  are  values  as  term  to  age  18. 

Family  Income  Benefit,  Decreasing  Term  Insurance,  Income  Continuance  Rider 

The  reserves  are  the  net  level  mean  reserve  or  50%  of  the  net  premiums  if  greater. 


is 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Assumption  Mutual  Life  (cont'd) 

Guaranteed  Insurability  Benefit 

The  reserves  are  made  up  of  two  parts: 

(a)  the  rider  reserve; 

(b)  The  Matured  Option  reserve. 

The  Rider  reeervea  have  been  calculated  bv  accumulating  the  net  premium  at  2}4%  interest  and  1958  L.S.O. 
■urvivorahiD  P  Em  tDremlurn  u  the  first  Rider  year  is  assumed  to  be  zero  (to  offset  expenses  and  commissions).  The 
JESSE*  premii^S  Sakulated  by  dividii/the  present  value  of  U»  ^^^jRS^a*;^^!^^ KT^tTrSSS 
d  in  mnultv  of  1  per  ve  ir  during  the  renewal  vears.  At  each  Option  Date,  the  Matured  Option  cost  tor  that  date 
in  tr  nT.   ■  the  Mat  ured  Option  reserve.  At  the  last  Option  Date,  the  Rider  terminates  and  the  Rider  reserve 

becomes  KTO  by  transfer  of  the  last  of  the  Matured  Option  costs  into  the  Matured  Option  reserve. 

E  ich  ye  U  the  Matured  Option  reserve  is  reduced  by  one-tenth  of  its  initial  amount  Thus,  the  reserve  is  released 
over  Sten-year  period  to  offset  extra  mortality  on  the  policies  that  are  purchased  under  the  options. 

Payor  Bene':!  .  .  .  .      .  oor 

I  o    For  Dolicies  under  which  the  parent  is  dead,  the  reserve  is  taken  as  the  value  of  an  annuity  certain  at  3% 
W   totS sSSunt  of the  premium  waived  for  the  period  to  age  25  or  to  the  end  of  the  premium  payment  which- 
ever  is  the  shorter.  .        ,  ,         ,     ,    .      .  T 

(b)   For  policies  under  which  the  parent  is  still  alive,  the  insurance  protection  takes  the  form  ■ of  reducing  term 
insurance.  The  reserve  set  up  for  these  cases  is  equal  to  25%  of  gross  premiums  payable  for  the  benefit. 

Accidental  Death  Benefit  with  or  without  Dismemberment  % 

The  reserves  are  valued,  using  for  issues  before  January  1,  1966  The  Intercompany  Double  Indemnity  Table 
comb toed   v  , h  the Commissioners^  1941  Standard  Ordinary  mortality  table  and  3% 

1 V  ember  3 1  1965  to  1959  Accidental  Death  Benefit  Table  combined  with  the  Commissioners  1958  Standard  Ordinary 


Table  and  3%  interest 

Total  Disability  Waiver  of  Premium  Benefit 

The  active  life  and  disabled  life  reserves  are  valued  on  the  1926  Class  (3)  Disability  Table  combine^ with  1941 
r  9  O  Mnrt  litv  Table  and  3%  interest  for  issues  prior  to  January  1,  1964  and  for  subsequent  issues  on  Period  2 
Dfc  ibiemetn  Rare!  and  die  1930-1950 ^  Termination  Rates  of  the  1952  Disability  Study  of  the  Society  of  Actuaries 
combined  with  the  1958  C.S.O.  Mortality  Table  and  3%  interest. 

The  group  disabled  life  reserves  are  equal  to  75%  of  the  face  amount  of  insurance. 

Monthly  Income  Disability  Benefit    a  o 

The  active  life  reserves  are  net  level  premium  tabular  mean  reserves  on  the  1952  Disability  Table  (Period  2  - 

Benefit  4)  combined  with  the  1958  C.S.O.  Mortality  Table  and  interest  at  3%. 

The  disabled  life  reserves  are  1952  Disability  Table  (Period  2  -  Benefit  4)  disabled  life  mean  reserves  with  interest 

at  3%. 

Economic  Policy  (issue  since  1969) 

The  reserve  are  reserves  for  life  paid  up  at  90  for  the  basic  amount  (K). 

This  reserve  is  increased  by  the  reserve  for  the  amount  of  1  year  temporary  insurance  and  the  additional  paid-up 
insurance  which  are  provided  by  annual  dividends. 

Reinsurance 

The  reserves  are  equal  to  50%  of  the  premiums  paid  to  reinsurers. 

Sickness  Benefits  .     ,  .      .     c        i    <«w  i  nf 

This  is  a  rider  attached  to  ordinary  insurance  policy.  The  reserves  are. determined  by ;  the /^^"^.^Ifg1^^ 
benefits  less  value  of  Sickness  Fund  premiums"  on  the  base  of  tables  combining  the  Society  s  1943-4^7  sickness  rates 
with  the  C  S.I.  Mortality  Table  and  interest  at  3%.  This  year,  the  reserve  has  been  transferred  from  Exhibit  9  to 
Exhibit  8,  as  it  is  a  rider  attached  to  ordinary  insurance  policies. 

Reserve  for  Extra  Premiums 

The  reserves  are  equal  to  50%  of  extra  premiums  received  in  the  year. 

Annuity 
Pension  Plan 

Years  of  issue  1961  to  1963  inclusive  . 

The  reserves  for  the  Pension  Plan  is  a  pure  accumulation  at  3H%  of  the i  net  ThC  ^ 

miums  have  been  computed  assuming  mortality  according  to  1937  S  at  (-2)  from  the  pension  age. 

Years  of  issue  1964  to  1968  .  .  _ 

The  reserves  for  the  Pension  Plan  is  a  pure  accumulation  at  3V2%  of  the  net  premiums  received.  The  pre- 
miums Lve  been  computed  assuming  mortality  according  to  A-1949  table  projected  30  years  from  the  pension  age. 

Deferred  Retirement  Annuity 

Years  of  issue  1969  to  September  1972  inclusive  . 

The  reserves  are  a  pure  accumulation  at  3%  of  the  net  premiums  paid  for  Canadian  business  and  at  2y2  /0 

for  U.S.  business. 

Years  of  issue  from  October  1972  and  later  , 

The  reserves  are  a  pure  accumulation  of  the  net  premiums  with  interest.  The  interest  rates  in  the  first  policy 
year  for  CanadiL  andU.S.  business  are  equal  to  6%  and  5H%  respectively  and  decease  b^  ^JJjKg 
for  each  of  policy  years  2  to  15  and  by  Ys%  per  year  for  each  of  policy  years  16  to  20  to  level  ott  at  /o  anu 
3M%  respectively  for  policy  years  21  and  over. 

Group  Life  Insurance 

The  group  insurance  is  yearly  renewable  term  insurance  and  ^^I^^I^S^SS^it^^A 
premiums  An  additional  contingency  reserve  is  set  up  of  the  accumulation  of  2%  of  premiums  earned  during 
year  up  to  the  attainment  of  50%  of  the  said  premiums. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


19 


Assumption  Mutual  Life  (cont'd) 


Group  Long  Term  Disability 

The  active  life  reserves  are  the  accumulation  of  December  31,  1969  reserve  at  3%  interest  for  the  group  in  force 
Mi  December  31,  1973  plus  75%  of  the  gross  premium  of  the  current  year. 

Individual  Accident  and  Health  Insurance 

The  Assumption  Life  Insurance  Company  issues  only  individual  disability  income  policies  which  are  non- 
;ancellable. 

Pro  rata  Unearned  Gross  Premium  Reserve  -  This  represents  that  portion  of  the  gross  premium  paid  which  is 
applicable  to  a  period  after  the  statement  date  and  is  set  aside  for  the  payment  of  benefits  and  expenses  incurred 
ifter  the  statement  date.  Premiums  paid  in  advance  are  not  considered  here.  We  calculated  our  unearned  premium 
reserve  in  the  following  manner. 

(a)  We  group  all  our  annual  premium  paying  cases  by  the  month  that  the  premium  is  due  and  make  the  fol- 
lowing calculations.  Policies  with  a  January  anniversary  have  their  billed  premium  multiplied  by  1  /24. 
Policies  with  a  February  anniversary  have  their  billed  premium  multiplied  by  3/24.  Policies  with  a  March 
anniversary  have  their  billed  premiums  multiplied  by  5/24,  and  so  on. 

(b)  All  policies  with  semi-annual  premiums  are  divided  in  the  following  mannei .  Those  policies  where  the  premium 
is  payable  in  January  and  July  have  their  billed  premium  multiplied  by  1/12.  Those  policies  with  their  pre- 
miums payable  in  February  and  August  have  their  billed  premiums  multiplied  by  3/12,  and  so  on. 

(c)  Those  policies  where  the  premium  is  being  paid  quarterly  are  handled  in  the  following  manner.  Those  policies 
that  are  payable  in  January,  April,  July  and  October  have  their  billed  premium  multiplied  by  1/6.  Those 
policies  that  are  payable  in  February,  May,  August  and  November  have  their  billed  premium  multiplied 
by  3/6,  and  so  on. 

(d)  All  monthly  premium  paying  cases  have  their  billed  premium  multiplied  by  H- 

The  sum  of  these  items  equals  our  total  unearned  gross  premium  reserve.  By  the  way,  we  do  issue  policies  every 
lay  of  the  week. 

Reserve  for  Premiums  Paid  in  Advance  -  Advance  premiums  are  not  a  part  of  the  unearned  premium  reserve, 
>ut  appear  as  a  separate  liability,  reserve  for  premiums  paid  in  advance. 

Additional  reserve  for  non-cancellable  policies  -  This  reserve  is  calculated  on  the  basis  of  mid-terminal  reserve 
actors.  The  table  used  is  the  1964  commissioner's  disability  table  3%  interest,  such  table  modified  to  fit  our  policies. 

Modifications: 

Disability  Income  -  The  Commissioner's  Disability  Tables  (CDT)  is  based  on  experience  where  the  accident 
>enefits  run  to  the  maximum  period  in  all  cases,  and  will  have  a  12  month  minimum  where  a  limiting  age  is  specified. 
Dur  accident  benefits  will  terminate  at  the  limiting  age  of  coverage,  but  they  do  contain  a  24  month  minimum  benefit. 
The  CDT  is  based  on  experience  where  sickness  benefits  will  terminate  at  a  limiting  age  with  a  12  month  minimum, 
iere,  too,  we  have  a  24  month  minimum.  For  both  accident  and  sickness  reserves  we  have  modified  the  CDT  experience 
o  reflect  the  benefits  we  provide. 

liability  and  Claim  Reserve  Figures: 

Liability  and  Claims  Due  and  Unpaid  -  This  liability  is  the  amount  required  to  pay  all  claim  payments 
approved  and  due  at  the  valuation  date  established  by  checking  with  the  claim  department. 

Liability  and  Claims  in  the  Course  of  Settlement  -  Payments  that  will  accrue  after  the  statement  date  are 
included  under  the  reserve  item,  "Present  Value  of  Amounts  Not  Yet  Due  on  Claims".  This  amount  is  determined 
by  an  individual  examination  of  the  claims  involved  or  by  an  estimate  based  on  a  study  of  actual  experience. 

Liability  for  Incurred  but  Unreported  Claims  -  Amounts  accruing  after  the  valuation  date  come  under  the 
reserve,  "Present  Value  of  Amounts  Not  Yet  Due  on  Claims". 

This  liability  was  estimated  based  on  the  Company's  experience  for  the  last  3  years. 

The  reserve  for  the  present  value  of  amounts  not  yet  due  on  claims  is  calculated  from  a  list  of  open  claims 
at  year-end.  If  the  duration  from  the  date  of  disablement  to  the  statement  date  is  less  than  2  years,  we  establish 
a  reserve  equal  to  3}4  times  the  duration  from  the  date  of  disablement  to  the  statement  date  times  the  monthly 
income  under  the  policy.  This  amount,  however,  will  not  exceed  the  remaining  payments  under  the  claim,  were 
it  to  continue  to  the  end  of  the  benefit  period.  If  the  duration  from  the  date  of  disablement  to  the  statement 
date  is  greater  than  2  years  then  reserves  are  computed  using  the  Commissioners'  Disability  Table  at  3%. 

The  reserve  for  present  value  of  amounts  not  yet  due  arising  from  incurred  but  unreported  claims  is  neces- 
sarily an  estimate  based  on  the  company's  own  experience.  Our  reinsurer's  experience  indicates  own  experience. 
Our  reinsurer's  experience  indicates  that  7%  of  premiums  received  is  adequate.  This  factor  will  be  changed  trom 
time  to  time  as  experience  warrants. 


20 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Assumption  Mutual  Life  (concl'd) 


Life  Insurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number  of 
Policies 

Amount 

Number  of 
Policies 

Amount 

In  force.  December  31,  1972. 

$ 

64,931 
3,952 
463 

$ 

238,324,141 
35,085,147 
4,187,576 
19,425 

$ 

47 
4 

$ 

69,049,785 
80,197,515 

$ 

64,978 
3,956 

^Do 

$ 

307,373,926 
115,282,662 
4.  187  ^76 
19,425 

69,346 

0*7*7   Clfi  OQO 

51 

149,247,300 

69,397 

426,863,589 

1  ,o<s  ri'.iM'il  by: 

443 
364 
131 
1,823 
1,811 

847,773 
380,835 
268,026 
4,128,920 
15,178,795 
551,428 

358,818 

443 
364 
131 
1,823 
1,816 

1,206,591 
380,835 
268,026 

4,128,920 
27,587,459 
551,428 

5 

12,408,664 

Total  ceased  

4,572 

21,355,777 

5 

12,767,482 

4,577 

34,123,259 

In  force,  December  31,  1973. 

64,774 

256,200,512 

46 

136,479,818 

64,820 

392,740,330 

Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsurance 
Ceded 

Net 

Direct 
Written 

Reinsurance 
Assumed 

Reinsurance 
Ceded 

Net 

Ordinary  

Group  

$ 

35,085,147 
80,197,515 

$ 

6,620,147 
42,609,546 

$ 

28,465,000 
37,587,969 

$ 

256,260,512 
136,106,741 

$ 

373,077 

$ 

36,056,430 
59,538,532 

$ 

220,204,082 
76,941,286 

Totals..  . 

115,282,662 

49,229,693 

66,052,969 

392,367,253 

373,077 

95,594,962 

297,145,368 

Annuities  (Gross) 


Classification 

ORDINARY  ANNUITIES 

SETTLEMENT 
ANNUITIES 

Deferred 

Vested 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

$ 

432 
583 

$ 

596,588 
1,432,758 

$ 
1 

$ 

252 

$ 

50 
5 

$ 

48,334 
4,559 
2,612 

1,015 

2,029,346 

1 

252 

55 

55,505 

Less  ceased  by: 

2 

3,635 

24 

164,140 

1 

1,247 

24 

164,140 

3 

4,882 

991 

1,865,206 

1 

252 

52 

50,623 

LIFE  INSURANCE  COMPANIES  FOR  1973 


21 


GO-OPERATORS  LIFE  INSURANCE  ASSOCIATION 

Head  Office,  Guelph,  Ont. 
Officers.  -  President,  C.  G.  Munroe;  Secretary-Treasurer,  T.  Haalboom;  Vice-Presidents,  T.  Langman,  K.  Weatherly 
Directors.  -  D.  R.  Bell,  F.  Cryderman,  T.  Langman,  C.  Munro,  K.  Weatherly,  L.  Davey.  J.  Bonner,  F.  D.  Wall, 
H.  J.  Schmidt,  E.  D.  Reed. 

Auditors.  -  Deloitte,  Plender,  Haskins  and  Sells. 

Date  of  Incorporation.  -  1959.  Commenced  Business  in  Ontario.  -  1959. 
Provinces  in  Which  Licensed.  -  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

Capital  stock  authorized:   

Amount  -  common,  $500,000,  preferred,  $500,000. 
No.  of  shares  -  common,  5,000,  Par  Value,  $100. 

-  preferred,  5,000,  Par  Value,  $100.  A„„TT„T 

v           '   '                                                          No.  of  Amount  Amount 

Shares  Subscribed     Paid  in  Cash 

Capital  stock  issued  and  outstanding  $9rf)  nnn 

at  beginning  and  at  end  of  year  -  common                                           5,000  $o00,000  $2o0,000 

Percentage  of  calls  made  to  date  -  50%. 
Amount  of  calls  unpaid  at  end  of  year  -  $  Nil. 


Comparative  Balance  Sheet 

Assets  Current  Prior 

Year  Year 

Investments:                                                    .  .  -     Aor  nnn  %   

Short  term  deposits  and  money  market  securities   9  776  685  7  665  775 

jB°n?s l',24i;303  l!202!228 

Stocks....   4  540,228  3,128,802 

Mortgage  loans   ■    p'770  8  470 

Subsidiaries,  associates  and  affiliates   412312  331*369 

Policy  loans   '   ' 

Total  investments   16,415,303  12,336,644 

n    .    259,663  203,946 

Cash... 3,276  4,382 

Accounts  receivable ..  .   244  996  192,243 

Investment  income,  due  and  accrued  :;••••.   oaooaq  Q1  4fiQ 

11,110 


Outstanding  life  insurance  premiums  and  annuity  considerations.   Tenon 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid   1204 

Due  from  reinsurer    ' 

Total  assets   $17,202,385 


$12,839,794 


Liabilities  and  Equity 

Actual ial  reserve  for  life  insurance  and  annuity  contracts  in  force.  •  •  $12,290,676 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts 

and  including  interest  accumulations                                                     . .  .  •  •  •  •  i.o^J.o/* 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in  the 

following  year   6bO,5UU 

Sub-total   14,574,750 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  for 

unreported  claims   Vo'i 

Insurance  premiums  and  annuity  considerations  received  m  advance   4  000 

Refundable  investment  deposits   qV7fi2 

Accounts  payable  and  accrued  expenses   ^'fi17 

Amounts  received  but  not  yet  allocated   44Q 

Outstanding  premium  balances  due  reinsurers   JJ* 

Amounts  due  CIAG   103 

Liability  for  uncashed  cheques   R  2gq 

Provision  for  income  tax   20^ 

Liability  for  unpaid  shareholders  dividends     °° 

Total  liabilities   $15,112,764 

Policyholders'  equity:  4     ft77  9Q1 

Surplus  in  par  fund   *  4?VqS4 

Investment  reserve  par  fund   qfi'rm 

Par  fund  systems  development  reserve   or  Offi 

Investment  reserve  non  par  fund   "^q27 

Non  par  fund  systems  development  reserve  

Shareholders' equity:  ,rnnm 

Capital  stock  paid  in   72  256 

Surplus  in  shareholders'  fund   AQi\'rv7i 

Surplus  in  non  par  fund   *w'u'* 

Total  equity   »  2'089'621 

Total  liabilities  and  equity   $17,202,385 


$  8,862,258 
1,273,289 
475,800 
10,611,347 


180,786 
15,670 
2,000 
55,115 
9,285 
175 
19,617 
92 

-50,026 
156 

$10,844,217 


613,158 
473,934 
96,073 
26,066 
3,927 


250,000 
66,005 
466,414 

$  1,995,577 

$12,839,794 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Go-Opera  ton  Life  (cont'd) 


Summary  of  Operations 


Current 
Year 


$  5  024  414 

Premiums  ami  annuity  considerations   *  i'qq% 

Considerations  tor  settlement  annuities   j  12g'l91 

Net  investment  income   '  —qiq 

Profits  commission   

n  m    $  6,153,622 

Total  income  

daima  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement  556  642 

annuities  ,   3274 

Payment  under  settlement  annuities  •  •  •  •  •  •  •  ■  ;  ■  •  ■  V 

Normal  Increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation  >41g 

bases)   '  0^  424 

Interest  credited  to  amounts  on  deposit  with  the  company   679 

Interest  on  claims  •  •„  • aq  4.00 

r  oces  licences  and  Fees,  excluding  investment  taxes  and  income  tax   o?o 

,sions  on  Insurance  premiums  and  annuity  considerations   7*4*26 

General  expenses  (excluding  investment  expenses)   ' 

Total  expenses   »  5'182'041 

Profits  before  gains  or  losses  on  investments,  dividends  to  policyholders  and  income  tax  $     971 ,581 

Dividends  to  policyholders    ' 

Profit  before  gains  or  losses  on  investments  and  income  tax   $     321 ,565 

Net  gains  or  losses  on  investments    ' 

o     004  440 

Profit  before  income  tax   •  150000 

Income  tax    ' 

  $  174,440 

Net  profit  


Prior 
Year 

$  3,308,853 
5,999 
839,286 
13,972 

$  4,168,110 


$  510,697 
3,118 

1,989,278 
68,629 
99 
44,246 
221 ,386 
424,197 


$  3,261,650 

$ 

906,460 

459,139 

$ 

447,321 

-11,966 

$ 

435,355 

267,000 

$ 

168,355 

Surplus  Account 

In  insurance  and  annuity  funds  -  shareholders   613'l58  536!256 

In  insurance  and  annuity  funds  -  policyholders   '  


SURPLUS  at  beginning  of  year:  .      66  005  $  59,756 

In  shareholders'  fund. ..  ........  .  ' '  ' '  ' '  " '  "  466:414  424,961 


INCREASES  Q  $  168355 

Balance  carried  from  summary  of  operations   ^  .  

$     174,440  $  168,355 


Total  increase. 


DECREASES  _ 

Prior  years  tax  adjustment   w    25,000 

Systems  development  reserve  increase    , 

Total  decrease  before  dividends  to  shareholders   S  61,646 

Net  increase  before  dividends  to  shareholders   $     1 18  750 

Dividends  to  shareholders  


  $  94,044 

Net  increase   "  

Surplus  at  end  of  year:  $  72,256 

In  shareholders'  fund   Y, 490  074 

In  insurance  and  annuity  funds  -  shareholders   fY77'291 

In  insurance  and  annuity  funds  -  policyholders   '  . 


25,000 

$ 

143,355 

18,750 

$ 

124,605 

$ 

66,006 

466,414 

613,158 

EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

ANNUITIES 

Total 

Ordinary 

Group 

Ordinary 

Group 

Partici- 
pating 

Non- 

PARTICI- 
PATING 

Partici- 
pating 

Partici- 
pating 

Non- 
partici- 
pating 

Partici- 
pating 

Non- 
partici- 
pating 

Net  of  reinsurance  ceded: 

$ 

62,288 
603,095 

$ 

336,339 

$ 

$ 

645,087 
407,466 

$ 

395,947 

$ 

29,459 

$ 

44,139 

$ 

1,439,661 
1,010,561 
2,574,192 

1,969,355 
2,634,738 

336,339 

52,976 
52,976 

478,263 
1,530,816 

395,947 

29,459 

44,139 

5,024,414 

LIFE  INSURANCE  COMPANIES  FOR  1973 


23 


Co-operators  Life  (cont'd) 


Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


Classification 

PARTICIPATING 

NON- 
PARTICI- 
PATING 

Total 

Ordinary 

Group 

Ordinary 

$ 

20,938,100 
79,286,950 
44,516,000 
31,548,321 

$ 

$ 

$ 

20,938,100 
79,286,950 
113,493,050 
31,548,321 

8,618,300 

60,358,750 

176,289,371 

8,618,300 

60,358,750 

245,266,421 

General  and  Investment  Expenses 


RENT 

Head  office  

Total  

SALARIES,  WAGES  AND  ALLOWANCES 

Head  office  employees  

Agents  license  

Total  

CONTRIBUTIONS  TO  EMPLOYEES'  AND 
AGENTS'  WELFARE 
Pension  and  insurance  funds  for  agents  

Total  

PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

Medical  examination  fees  and  M.I.B.  services  

Inspection  report  fees  

Auditors'  fees  

Systems  development  expense  

Actuarial  and  underwriting  service  

Total  

MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Single  premium  term  expense  

Bureau  and  association  dues  

Collection  and  bank  charges  

Investment  expense  

Life  courses  

Sales  and  promotion  costs  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  

Rental  of  equipment,  tabulating  and  miscellaneous  services. 

Travelling  expenses,  head  office  

Office  expense  

Death  claims  expense  

Donations  

Total  

Total  general  expenses  


Life 


7,500 


7,500 


179,964 
1,698 


181,662 


2,127 


2,127 


19,105 
3,938 
6,500 
79,695 
27,047 


136.285 


523 
632 
259 
129 


27, 
319, 
3, 
6 
13 

-5 


933 
015 
200 
618 
485 
328 
167 
797 
200 


406,952 


734,526 


Investment 


22,842 


22,842 


22,842 


24 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Co-OperatOrS  l  ife  (cont'd) 


00  >o  OJ 
COt^ 
<N  CM 


CO  <N  (N  CO  H  rH 
1-4  00_  00_  rH  rH 

CD  ol  rH  TjT  CD" 
CD  CN  rH  rH  CM 


MONOnoidooi 

OOOWCOOOrHrHCOlO 

rH  O  W  H  CO  rH  (©  rH  IP- 

Na'iooVddioio 

rH  00  rH  CO  CO  CO  rH 


OOOOOI>-* 
OOONiOOiO 

oo*>n<OrHio  tC^jT 

CO  00  rH  rH  -rf  ON  CO 
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|Q<Q °^ 

ifca  >,>,>>  • 
^tl^t;  tea 

<QQ£ZWPhCh;§ 


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JrJrJrJ 


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OOOOOQOOS 

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xu 


LIFE  INSURANCE  COMPANIES  FOR  1973 


Co-operators  Life  (cont'd) 


CO  W  iC  W  O  !0 

Oi<N  ifJCC 

lO      i-<  1-1 

eo 


z  S 


i— '  »— <  GO  CO 
t^<N  >OCO<Ol> 


Z  ^ 


CO  <N 
GO 

i-i  00 


JJJZo 

B  K  10.3  n 

a;  4>  <v 
>  >  >  *> 

"ajt;  o  c  e 

u  U  o 

<LI  *J  *j  *J  ^ 

^  c3  cd  cs  -*-»  *j 
Q  ^  Jj$  <!;  C/j  C/) 


a;  a; 


656565656565 
cocox^^co 

MOW 


65  65  65 
£  X  ^ 

CO     io  m 

65  65 
S  n 

CO 

65  65 
£  $ 

1937  Std.  (R-2) 
a- 1949  Proj.  B 

to  1959 
a-1949  Proj.  B 

to  1959 

S.F.  to  maturity  8: 
1937  Std.  (R-1) 

S.F.  to  maturity  & 
Ga-1951  Proj.  C 
to  1961 

•o-o-a 


cococo,  " 
o  o  o 


o 

-  ■  A4 


26 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Co-opera  ton  Life  (cont'd) 

Summary  of  Reserve 


Participating 

Non- 
participating 

Total 

Reserve  tor  policies  U*d  contracts  in  force: 

$ 

8,928,135 
2,879,584 

$ 

70,800 
987,322 

$ 

8,998,935 
3,866,906 

11,807,719 

1,058,122 

12,865,841 

Deduct  reserve  for  reinsured  contracts: 

23,842 

23,842 

23,842 

23,842 

1  >edu<  t  deferred  life  insurance  premiums  and  annuity  considerations 

11,783,877 

551,323 

1,058,122 

12,841,999 
551,323 

11,232,554 

1,058,122 

12,290,676 

Statement  of  Actuarial  Liabilities 

Ml  Non  Par  Ordinary  life  insurance  is  on  the  single  premium  six  months  non-renewable  Term  plan.  Reserves  are 
held  for  Vile  unexpired  term  of  this  coverage  on  the  basis  of  the  1958  CSO  table  without  interest. 

All  policies  issued  on  a  substandard  basis  are  written  with  extra  premiums.  A  reserve  of  one  annual  extra  premium 
is  held  in  addition  to  the  regular  reserve.  . 

Disability  benefits  are  valued  on  the  1952  Disability  Study  -  Period  2  -  combined  with  1958  CSO,  3%  basis. 

Renefits  orior  to  disability  are  valued  by  Benefit  5  tables  assuming  all  benefits  run  to  age  65  and  that  for  all  plans 
runnfng  be yond age ^65  the  pailup  benefit  "is  equal  to  the  difference  between  the  face  amount  and the  > «1J 
Who  e  Life  policy  for  the  same  age  at  issue.  These  reserves  are  calculated  on  the  m-force  at  the  beginning  of  the  year 
Shich i  is  adjured  for  the  movement  during  the  year  by  adding  75%  of  the  disability  premiums  payable  on  such 
movement.  For  disabled  lives  the  valuation  is  done  exactly  using  Benefit  4  tables.  .  u  inCQ  ,™ 

Accidental  Death  benefits  are  valued  on  the  1959  Accidental  Death  Benefits  table  combined  with  1958  CSO 

3%,  basil  Benefit ?  £rm?natin£  before  age  65  are  assumed  to  run  to  age  65,  which  produces  somewhat  Ingher 

^^SeUlement  Annuities  involving  life  contingencies  are  valued  on  the  a-1949  with  Projection  B  to  1959  5H% 
basis.  Settlement  Annuities  not  involving  life  contingencies  are  valued  using  3%  interest. 

The  extra  amount  reported  for  a  policy  with  Family  Income  is  the  current  extra  risk,  that  is  an  extra  amount 
decreasing  year  by  year. 

A  reserve  of  one  annual  gross  premium  is  held  for  a  Payor  benefit. 

A  reserve  of  5  per  1,000  of  Group  Term  is  held  for  claim  fluctuations  and  conversion  options. 


Allocation  of  Surplus 

An  amount  of  $25,000  was  transferred  to  the  shareholders'  fund.  This  represents  interest  earned  on  the  fund  of 
$23,999  and  a  transfer  of  $1,001  from  the  non-participating  fund. 


A  provision  of  S660,50o'was  made  for  distribution  of  dividends  to  t^^™*?™^**  ^ffiit 

dividend  will  be  3.75%  of  the  December,  1973  reserve.  tnt„^ 
For  Settlement  Annuities  not  involving  life  contingencies,  the  "Guaranteed  interest  rate  plus  excess  interest 

'AlTdivTdIndI0on  Ordinary  life  insurance  and  ^^.Pf^/^S^^TS^^^^^  ^1974 
rate  used  in  accumulating  amounts  on  deposit  (other  than  dividends)  will  be  7.5%. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


27 


Co-operators  Life  (cont'd) 

Life  Insurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number  of 
Policies 

Number  of 
Certificates 

Amount 

Number  of 
Policies 

Amount 

In  force, 

Dec.  31,  1972. 
New  effected .... 
Old  revived  

52,217 
82,059 
40 

$ 

194,161,119 
172,591,785 
365,839 
170,052 

1,268,822 

1 

1,569 

$ 

7,670,700 

52,218 
82,059 
40 

$ 

201,831,819 
172,591,785 
365,839 
2,296,652 

1,268,822 

Old  increased.  .  . 
New  bonus 

487 

2,126,600 

Totals  

Less  ceased  by: 
Death  

134,316 

368,557,617 

1 

2,056 

9,797,300 

134,317 

378,354,917 

87 
1 

75,507 
388 
830 
35 

300,329 
2,500 
115,481,000 
3,144,635 
10,470,631 
409,605 
553,935 

1.546,861 

1 

5,000 

87 
1 

75,507 
388 
830 
35 

305.329 
2.500 
115.481,000 
3,144,635 
10,470,631 
1,583,605 
553,935 

1,546,861 

Maturity  

Surrender .... 
Lapse  

Withdrawal  .  . 
Decrease  

350 

1,174,000 

Scheduled 
decrease .... 

Total  ceased  .  . 

In  force, 

Dec.  31,  1973. 

21 

21 

76,869 

131,909,496 

351 

1,179,000 

76,869 

133,088,496 

57,447 

236.648,121 

1 

1.705 

8,618,300 

57,448 

245,266,421 

Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


Classification 

NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsurance 
Ceded 

Net 

Direct 
Written 

Reinsurance 
Ceded 

Net 

$ 

$ 

$ 

$ 

8 

$ 

172,591,785 

2,801,420 

169,790,365 

236,648,121 
8,618,300 

9,238,627 

227,409,494 
8,618,300 

Totals  

172,591,785 

2,801,420 

169.790,365 

245,206,421 

9,238,627 

236,027,794 

Annuities  (Gross) 


Classification 

ORDINARY  ANNUITIES 

GROUP  ANNUITIES 

Settlement 
annuities 

Deferred 

Vested 

Deferred 

Vested 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

No.  of 
Con- 
tracts 

No.  OF 
Certifi- 
cates 

Annual 
Payment 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

In  force, 

Dec.  31,  1972...  . 

638 
917 
1 

$ 

574.495 
882,658 
431 

34 
43 

$ 

31,482 
35,967 

4 

305 

$ 

74,496 

11 

$ 

3.842 

5 

$ 

2,416 

Old  revived  

12 

14,552 

2 

9,400 

10 

3,871 

1 

156 

Totals  

1,556 

1,457,584 

79 

76,849 

4 

317 

89,048 

21 

7,713 

6 

2,572 

Less  ceased  by: 
Death  

3 
41 
8 

3 
3 

1,163 
21,250 
12,107 

4 

1,000 

Surrender  

Lapse  

Decrease  

Withdrawal  

24,407 
6,908 
8,976 

273 

9 

1,626 

Transfers  

10 
11 

3.546 

Schedule 

Total  ceased 

In  force, 
Dec.  31,  1973... . 

58 

74,811 

273 

34 

6,172 

1,498 

1,382,773 

79 

76,576 

4 

283 

82.876 

21 

7.713 

6 

2,572 

2S 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


L'ECONOMIE  MUTUELLE  D' ASSURANCE 

Hbad  Office,  Montreal,  Que. 

Chairman  )  Seguin:  President,  Y.  Groulx;  Actuary.  E.  Boudreault;  Secretary,  G.  Boyer;  Treasurer 
...  I  V.  Knt  SSSSH  DireVtSr,  J  P.  Bariteau;  Managing  Director.  F.  E.  Therrien;  Medical  Director,  J.  A.  Martel. 

Hn  row  I  J  Beauchemin  C.  E.  Doucet.  Y.  Groulx,  L.  Leroux,  J.  A.  Martel.  p.  Mathieu.  H.  Ouimet,  A. 
Pa  luetteTT  Seguin.F.  Sfherrien,  A.  Trudeau,  G.  Villiard,  R.  Comtois.L.  Raynault,  H.  Bouchard. 

i  :.  lit  n  r,    F,  Rheault,  C.A.,  R.  Desforges.  C.A. 

Data  >•/  Incorporation,  -  1899.  Commenced  Business  in  Ontario.  -  1927. 
P»  nineM  IN  U'/nV/i  Licensed.  -  Ontario  and  Quebec. 


Statement  of  Affairs  for  the  Year  ended  December  31,  1973 
Comparative  Balance  Sheet 


Investments:  • 

Short  term  deposits  and  money  market  securities 

Bonds  

Stocks  

Mortgage  loans  


Current 

Real  Estate   •  2,827,082 

Encumbrances  


Prior 
2,972,306 
110,226 


Agreements  of  sale  of  real  estate  

Subsidiaries,  associates  and  affiliates. 

Policy  loans  

Collateral  loans  


Total  investments  

Cash  •  •  

Investment  income,  due  and  accrued  •  •  •  •  •  

Outsl  "uling  life  insurance  premiums  and  annuity  considerations  

Accident  and  sickness  premiums  due  and  unpaid  y'i'. V 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid. 

Pension's  Funds  Section  E.M.A  

Real  Estate  S.N.F  

Premium  Taxes  

Non-guaranteed  pension  fund  

Sub-total  

Segregated  funds  


Total  assets. 


Current 
Year 

$  500,000 
11,801.037 
1,170,573 
13,023,650 


2,827,082 

352,878 
409,701 
1,338,959 
1,766 

31,425,646 
2,423 
443,228 
408,158 
19,634 
5,785 

106,863 
176 
9,565,028 

41,976,941 
327,189 

$42,304,130 


Prior 
Year 

$  350,000 
11,370,933 
1,088,400 
12,192,962 


2,862,080 

220.493 
324.701 
1,313.964 
4,605 

29,728,138 
152,474 
402,576 
356,847 
29,696 

552 
60,017 
2,082 
9,868,368 

40,600,750 
99.861 

$40,700,611 


Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force  

Aggregate  reserve  for  accident  and  sickness  insurance  •  ■  •  •  • • 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts 

and  including  interest  accumulations   .  .  ,  .  ...  •  ■  ■  •  •  ■  ■  •  •  • •  ■  > 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  m 

the  following  year  

Provision  for  group  experience  refund  

Sub-total  

Segregated  funds  


OutstandfngBdaims  under'  insurance' and' annuity  contracts,  including  provisions  for 

unreported  claims  ;  .-  •  •  •.•  •  •  •  

Insurance  premiums  and  annuity  considerations  received  in  advance  

Dividends  to  policyholders,  due  but  unpaid  

Investment  income  received  in  advance  

Miscellaneous  policyholders'  liabilities  

Accounts  payable  and  accrued  expenses  

Amounts  received  but  not  yet  allocated  

Outstanding  premium  balances  due  reinsurers  

Miscell  neous  Liabilities  

Provision  for  income  tax  

Non  guaranteed  pension  fund  


Total  liabilities. 


$27,302,508 
51,439 

1,668,274 

160,786 
39,118 

29,222,125 
327,189 

29,549,314 

800,727 
57,598 
11,627 
36 
14,007 
136,950 
8,353 
8,259 
97,500 
37.654 
9,565,028 

$40,287,053 


$26,631,974 
45,881 

793,454 

138,338 
136,152 

27,745,799 
99,861 

27,845,660 


Policyholders'  equity: 

Surplus  in  par  fund  

Surplus  in  non  par  fund  

Investment  reserve  par  fund. 


Total  equity  

Total  liabilities  and  equity, 


$  -109,071 
1,859,021 
267,127 

$  2,017,077 

$42,304,130 


LIFE  INSURANCE  COMPANIES  FOR  1973 


29 


L'Economie  Mutuelle  (cont'd) 

Summary  of  Operations  (including  segregated  funds) 

Current  Prior 
Year  Year 

Premiums  and  annuity  considerations   $  7,04o,Infi  $  6,447,909 

Net  investment  income  segregated  funds   100  nnn  1  ens  Q60 

Net  investment  income   . .   2,l?fi  277  91  066 

Reserve  allocation  -  segregated  fund   qsro  2  801 

Dividend  allocation  -  segregated  fund   *'°7Q 

Unrealized  gain  (loss)  segregated  fund  assets  only   -f,wi 

Total  income   $  9,349,408  8  8,483,315 

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement  *  *  ion  *9i 

annuities   *  4,427,824  $  5, 120 ,521 

Payments  under  settlement  annuities  

Normal  increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation         ^  ^  197,949 


Normal  increase  in  reserve  transferred  to  segregated  fund                                                 iZHo2  oISS 

Increase  in  segregated  fund                                                                                               Ail  <*2  042 

Increase  in  aggregate  reserve  for  accident  and  sickness  insurance   4^029 

Interest  credited  to  amounts  on  deposit  with  the  company                                                  ffiioq  20458 

Interest  on  claims  •  •.                                                 .  nn'n«7  i  fu\9fi 

Taxes,  licences  and  fees,  excluding  investment  taxes  and  income  tax                                   109, 0b/  047  048 

Commissions  on  insurance  premiums  and  annuity  considerations                                        Ink'Hn  1  44^22 

General  expenses  (excluding  investment  expenses)                                                          l.ouo.iou  l,-±*o,o± 

Segregated  fund  expense    ZL0 

Total  expenses   $  8,738,110 

Profits  before  gains  or  losses  on  investments,  dividends  to  policyholders  and  income  tax  $     o  j^'o^f 

Dividends  to  policyholders   99  597 


Group  experience  refund. 


Profit  before  gains  or  losses  on  investments  and  income  tax   $  1?^,I5H 


10,067 


Net  gains  on  investments  (other  than  segregated  fund) 

Profit  before  income  tax   $  17n'f«Q 

Income  tax   J^b6 

Net  profit   $  165,463 

Surplus  Account 

Surplus,  at  beginning  of  year:  tu,SQ,8 

In  insurance  and  annuity  funds  -  policyholders   $  i.bos.Mda 

INCREASES 

Balance  carried  from  summary  of  operations   $  165,463 

Overestimated  income  tax  for  1971  

Total  increase   $  165,463 

DECREASES 

Increase  in  actuarial  reserves  due  to  changes  in  valuation  basis   $  ~7J^a8Si\ 

Special  distribution   rn'nnn 

Transfer  to  segregated  fund   000 

Transfer  to  amounts  on  deposit   oqriu 

Income  tax  adjustment  

Total  decrease   $  74,451 

Net  increase   $  91,012 

Surplus,  at  end  of  year:  ,  _ ...  „_„  a  ■,  R(-0  qq« 

In  insurance  and  annuity  funds  -  policyholders   $  1,749,950  $  l,658,9d8 

Summary  of  Operations 

Accident  and  Sickness 

(Included  in  Summary  of  Operations  -  All  Business) 

Premiums  written   $  5?q'2qo 

Reinsurance  ceded   18,03d 

$  574,493 

Increase  in  additional  reserve  for  non-cancellable  policies    ~57    $  574,550 

Claims  paid -net   *  620,509 

Increase  in  provision  for  unpaid  claims   irrs/  fi^2  Q38 

Increase  in  present  value  of  amounts  not  due  on  claims   10, ba 4  00  '  J 


$  7,979,094 

504,221 

288,192 

196,216 

$ 

19,813 

160,534 

$ 

180,347 

11,487 

$ 

168,860 

$  1,633,608 

$ 

168.860 

12.580 

S 

181,440 

8 

136,384 

19,726 

$ 

156,110 

$ 

25,330 

•68, 


29,094 


Commissions   *  12 

General  Expenses   2i79co  Q17  nnn 

I  Dividends  to  policyholders   17'282  417.00U 

II  _  09  300 
Increase  in  reserve  for  contingent  benefits  

Net  underwriting  loss   *  -897fi88_ 


30 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


I  'Economic  Mutuelle  (cont'd) 


Summary  of  Operations 
Non-Guaranteed  Pension  Fund 


Current 
Year 


Prior 
Year 


Income 

.  $     483,076  $  492,589 

Premiums   593,628  608,132 

Net  investment  income     1 

$  1,076,704  $  1,100,721 

Expenditures 

....  $  1,263,703  $  1,281,165 

(.  utfma  incurred   24  23 

Interest  expense   79,625  84,908 

General  expense    

_                x    $  1,343,352  $  1,366,096 

Loss  before  gain  or  loss  on  investments   *  ~—55  '826  '  ^—^jju 

Net  gain  or  loss  on  investments    '   !  

„    ,    $  -832,474  9  -267,786 

Net  1  OSS   —  — : 

Capital  Account 

.                r   ___    $  9,508,594  $  9,788,194 

Balance  at  beginning  of  year   322  474  267,786 

\  it  loss  From  summary  of  operations   11*814  11,814 

Other  decreases  ■  ' 

$  9,174.306  $  9,508,594 
  164,742  133,794 

Other  liabilities   225,980  225,980 

Special  reserves    . 

  $  9,565,028  $  9,868,368 

Balance  at  end  of  year  


EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


1 

Classification 

LIFE  ASSURANCE 

ANNUITIES 

Total 

Ordinary 

Group 

Ordinary 

Group 

Par. 

Non- 
Par. 

Par. 

Non- 
Par. 

Par, 

Non- 
Par. 

Par. 

Non- 
Par. 

Net  of  reinsurance 
ceded: 

$ 

23.594 
147,999 
1,840.706 

$ 

255 
125,158 
731,678 

$ 

$ 

$ 

6,820 
432,793 
890,974 

S 

$ 

$ 

S 

30,669 
741,247 
5.700,324 

30,916 
718,548 

4.381 
1,400,386 

6,969 

55,866 

55,197 

Totals  

2,012,299 

857,091 

749,464 

1,404,767 

1,330,587 

6,969 

55,866 

55,197 

6,472,240 

Gross  Amount  of  Life  Insurance  In  Force,  Classified  by  Plan  of  Policy 


PARTICIPATING 

NON-PARTICIPATING 

Classification 

Ordinary 

Group 

Ordinary 

Group 

Total 

$ 

94.336,926 
4,023,340 
12,482,355 
10,211,974 

$ 

$ 

27,392,450 
2,172,688 

61,334,473 
2,890,889 

$ 

$ 

121,729.376 
6.196.028 
481.901,880 
13.102,863 

Temporary  additions  to  sums  assured. 

124,818,898 

283,266,154 

121,054,595 

124,818.898 

93,790,500 

283,266,154 

622,930,147 

LIFE  INSURANCE  COMPANIES  FOR  1973 


31 


L'Economie  Mutuelle  (cont'd) 


General  and  Investment  Expenses 
(Including  Segregated  Funds) 


Life 


Accident 

and 
Sickness 


Investment 


RENT 

I  Head  office  

I  Branch  office  

Total  

SALARIES,  WAGES  AND  ALLOWANCES 

I  Head  office  employees  

I  Branch  office  employees  

|  Managers  and  agents  

Directors'  fees  

Advances  to  agents  

|  Administration  fees  S.N.F  

Total  

CONTRIBUTIONS  TO  EMPLOYEES'  AND 
AGENTS'  WELFARE 

[Pension  and  insurance  funds  for  employees  

Pension  and  insurance  funds  for  agents  

[Unemployment  insurance  

[Canada  and  Quebec  Pension  Plans  

I  Cafeteria  

!  Contributions  to  provincial  health  insurance  plans  

Total  

PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

!  Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

(Auditors'  fees  

Consultant  fees  not  included  above  

Total  

MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  conventions  

Books  and  periodicals  

Bureau  and  association  dues  

Collection  and  bank  charges  

;  Commissions  on  mortgages  

! Custody  of  securities  

jlnsurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  

[Office  furniture  

iRental  of  equipment,  tabulating  and  miscellaneous  services 

Travelling  expenses,  head  office  

Travelling  expenses,  branch  office  

Miscellaneous  

Total  

REAL  ESTATE  EXPENSES,  EXCLUDING  TAXES. . . 

Total  

GRAND  TOTALS  

|Less  amount  received  from  reinsurer  as  expense  allowance. 

Total  general  expenses  


109,119 
88,222 


197,341 


537,444 
48,045 
82,672 
10,202 

-8,538 
48,823 


718,648 


23,086 
8,269 
8,766 

10,252 
1,646 
8,504 


60,523 


7,135 
27,043 
36,183 

6,743 
25,644 


102,748 


26,309 
9,645 
1,517 

12,291 
1,296 


8,855 
49,684 
44,909 
11,526 
43,365 

5,791 
31,588 

1,284 


248,060 


1,327,320 


79,625 


1,247,695 


29,357 
6,437 


35,794 


145,457 
3,505 
6,032 
2,761 
-623 
4,888 


162,020 


6,248 
2,238 
2,373 
2,775 
120 
2,301 


16,055 


521 
1,423 
1,904 
7 
26 


3,881 


2,616 
703 
111 

1,231 
95 


2,383 
8,172 
5,936 
3,119 
12,231 
1,567 
2,305 
94 


40,563 


S 

11,540 


11,540 


45,542 


9,787 
3L366 


5,695 


3,370 


3,370 


5,130 


5,130 


25,709 
6,582 


5,004 


37,295 


177,436 


177,436 


258,313 


321,466 


■142 


258,455 


321,4 


32 


\\M  M  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


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33 


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ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


[/Economic  Mutuelle  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


35 


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36 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


l  'Economic  Mutuelle  (cont'd) 


Summary  of  Reserve 


Partici- 
pating 

Non- 
partici- 
pating 

Total 

Kt'M-:\c'  for  policies  ami  contracts  in  force: 

$ 

16,350,262 
6,540,623 

$ 

3,920,337 
1,463,308 

$ 

20,270,599 
8,003,931 

22,890,885 

5,383,645 

28,274,530 

Deduct  reserve  for  reinsured  contracts: 

28,047 
570 

190,934 

218,981 
570 

28,617 

190,934 

219,551 

22,862,268 
561,075 

5,192,711 
191,402 

28,054,979 
752,477 

Deduct  deferred  life  insurance  premiums  and  annuity  considerations 

22,301,193 
6 

5,001,309 

27.302,502 
6 

22,301,199 

5,001,309 

27,302,508 

Actuarial  Reserves 

For  policies  with  a  rated  up  age,  reserves  are  calculated  using  exact  age. 
There  are  no  policies  with  lien  or  subject  to  contingent  debt. 

For  policies  on  other  substandard  lives  or  on  special  lives,  regular  reserves  are  used. 

For  the  option  of  conversion  either  during  a  fixed  term  or  at  the  end  thereof  int » J^^"^^^^ 
premium  for  the  new  policy  being  fixed  according  to  the  age  at  entry  or  the  age  at  date  of  conversion,  regular  reserves 

are  held. 

Xo  reserve  is  maintained  for  the  following: 

(1)  For  future  expenses  where  premiums  cease. 

(2)  For  benefits  granted  under  contracts  which  may  at  any  duration  be  in  excess  of  the  reserve 

(3)  For  any  amount  in  excess  of  cash  value  held,  which  may  be  allowed  upon  the  reinstatement  of  lapsed  policies. 

(4)  For  the  option  of  renewal  under  term  policies. 


Surplus  Distribution 

The  Company  has  no  shareholders. 

The  following  formulae  are  used  for  dividends  on  ordinary  life  or  annuit  y  con  tracts  is  sued  f%  r^ 

terminal  reserve  plus  a  constant  K  was  used.  The  terminal  reserve  is  based  on  58-CSO  3%  and  with  the  commissione 
method  unless  specified  otherwise.  The  values  of  X  and  K  vary  as  follows: 

Whole  life  A  (low  participation)  —  X  =  1%  ...... 

K  is  equal  to  $1.50  for  issue  ages  0-10  years  and  increases  by  $.30  for  each  10  years  of  issue  ages  thereaftei. 

20  FK  is^ualTo^SO  for  issue  ages  0-10  years  and  increases  by  ^^^^y^^^^X^t 
K  begins  at  60%  of  its  value  from  the  second  policy  year  and  increases  at  the  rate  of  10%  a  year  thereat ter  up  to 

Ltft  K  viie^from  $1.60  to  S5.50.  K  begins  at  60%  of  its  value  from  the  second  policy  year  up  to  100%  by  the  seventh 

policy  year. 

Life  to  65-X  =  l% 

K  varies  from  according  to  issue  age  Sl.50-S5.50. 
Whole  life  B  (High  participation)  -X  =  2% 

K  varies  from  S3.00-S5.00.  However,  the  value  of  K  is  reduced  by  50%  for  the  first  policy  year,  40%  for  the  second. 
...  10%  for  the  fifth. 

Endowment  to  65  years  —X  =  1% 

K  equals  SI. 00  at  issue  ages  0-10  and  increases  by  $.30  for  each  10  years  of  issue  age  thereafter. 

Insurance  and  Annuity  (old) -X  =  2%  (N.L.P.  reserve)    . 

K  varies  from  S4.00-S8.00  according  to  issue  age.  However,  the  constant  is  reduced  by  60%  m  the  second  policy 
year,  40%  in  the  third  and  20%  in  the  fourth. 
Level  premium  deferred  annuity  and  insurance  and  annuity  (new) 

The  dividend  pays  1.25%  (2%  if  the  policy  is  registered)  of  the  asset  share  plus  $2.00. 
Term  lo  70  years -X  =  1.5%  (N.L.P.  reserve) 

K  varies  from  S.20-S4.50  according  to  age  and  duration. 
Single  premium  deferred  annuity 

1%  of  the  cash  surrender  value. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


37 


L'Economie  Mutuelle  (cont'd) 

The  following  chart  summarizes  the  formulae  used  for  dividends  on  ordinary  life  or  annuity  contracts  issued 
prior  to  1963.  . 

X%  of  the  terminal  reserve  plus  a  constant  K  was  used.  The  terminal  reserve  is  on  the  41-C.S.O.  3%  basis  with 
the  commissioner's  method.  The  values  of  X  and  the  constant  K  are  shown  in  the  chart. 

POLICY  TYPE  X  K 

Whole  life  75%  $1.50 

Select  life  75%  $1.00 

Special  select  life  75%  $  .50 

Commercial  whole  life  60%  $0.00 

Limited  pay  life  75%  $  .00 

Endowments  75%  $1.00 

Level  term   1-00%  $  .20  (P-P')* 

*  P  =  Gross  premium,  P'  =  Experience  premium. 
The  automatic  dividend  option  is  the  premium  reduction  option  for  older  issues.  For  recent  issues,  the  automatic 
option  is  paid-up  addition.  The  insured,  if  he  informs  the  Company  of  his  intention  to  do  ^V «n  e^t  to^hdraw 
them  for  cash,  to  buy  paid-up  additions  or  to  leave  them  in  deposit  with  interest  only  or  in  Economie  Mutuelle 
Variable  Fund.  The  Company  will  credit  the  dividends  left  on  deposit  in  the  guaranteed  fund  with  interest  at  a  rate 
of  5.1%  compounded  annually. 

Accident  and  Sickness 

Total  Reserve: 
Group 

There  is  no  reserve  for  unearned  premiums,  because  all  the  groups  are  on  a  monthly  premium  basis  and  all  premiums 
payable  on  the  first  of  the  month. 

The  commuted  value  of  amounts  to  be  paid  on  claims  was  first  calculated  for  each  open  claim.  The  interest  rate 
used  is  4%  per  annum.  Moreover  an  amount  was  added  for  unreported  claims  which  was  determined  from  the  experience. 

Ordinary  . 

The  reserve  for  non-cancellable  policies  was  calculated  at  10%  of  annualized  premium.  There  are  no  open  claims 
in  this  small  portfolio  of  policies. 


Life  Insurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number 

of 
Policies 

Number 

OF  CER- 
TIFICATES 

Amount 

Number 
of 

POLICIES 

Amount 

Inforce, December  31,  1972. 

33,440 
2,001 
57 

$ 

202,350,505 
30,712,908 
708,028 
88,595 
517,858 
910,603 

137 
21 

110,985 

1,065 

$ 

381,654,810 
8,964,487 

33,577 
2,022 
57 

$ 

584,005,315 
39,677,395 
708,028 
47,398,315 
6,238,182 
8,888,810 

New  bonus  additions  

9,876 

47,309,720 
5,720,324 
7,978,207 

35 

2 

37 

Totals  

35,533 

235,288,497 

160 

121,926 

451,627,548 

35,693 

686,916,045 

Less  ceased  by: 

84 
61 
230 
841 
730 

644,331 
91,636 
626,744 
4,030,024 
12,141,865 

782 

1,421,227 

84 
61 
230 
841 
754 

2,065,558 
91,636 
634,744 
4,030,024 
21,290,295 
24,788,932 
2,195,899 
8,888,810 

8 

8,000 

24 

856 
7,180 

9,148,430 
24,788,932 
197,700 
7,978,207 

Transferred  from  

35 

1,998,199 
910,603 

2 

37 

Total  Ceased  

In  force,  December  3 1 , 1973 . 

1,981 

20,443,402 

26 

8,826 

43,542,496 

2,007 

63,985,898 

33,552 

214,845,095 

134 

113,100 

408,085,052 

33,686 

622,930,147 

Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


Classification 

New  Effected 

In  Force 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

$ 

30,712,908 
8,095,987 

$ 

$ 

7,225,840 

$ 

23,487,068 
8,964,487 

$ 

214,830,095 
364,152,519 

$ 

15,000 
43,932,533 

$ 

39,454,908 
2,961,002 

$ 

175,390.187 
405,124.050 

"868,506' 

38,808,895 

868,500 

7,225,840 

32,451,555 

578,982,614 

43,947,533 

42,415,910 

580.514,237 

3S 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


l  'Economic  Mutuelle  (cont'd) 


Annuities  (Gross) 


Cl-ASSIFICATION 

ORDINARY  ANNUITIES 

GROUP  ANNUITIES 

Settlement 
Annuities 

Deferred 

Vested 

Deferred 

Vested 

No. 

1 ,7  IS 

495 
12 

\  N  N  I '  VI. 
I'AYMKN  r 

No. 
961 

Annual 

1  '  V YMKN  1 

No.  OF 
Con- 
tracts 

No.  OF 
Certifi- 
cates 

Annual 
Payment 

No.  OF 
Cer- 
tifi- 
cates 

Annual 
Payment 

No. 

Annual 
Payment 



In  force, 

IVc.  31,  1072 

Now  effected . . . 

OKI  revived.  .  .  . 
OKI  increased: 
Other  increases 

$ 

3,488,778 
1,633,120 
27,597 

$ 

142, Obi 

or 

lb 

Oft1} 

$ 

79 

$ 

104  710 

435 

$ 

75  087 

40 

10,332 

ID 

13  882 
17J19 

22,222 

256 
3,278 

4 

8,903 

28 

9,426 

2 

1,946 

22 

Totals  

Less  ceased  by: 
Death  

5,180,620 

989 

152,010 

25 

74. 

497 

88  953 

1 

122 

38 
14 

2,770 
1,954 

1 
1 

10,224 
1,882 

16 
6 
4 

1,124 
1,071 
854 

Surrender. . . . 

63 
89 

99.043 
243,831 
174.656 

Decrease.  .  .  . 
Withdrawal. . 

21,192 
59,244 
1,946 

40 

2 

68 
2 

Transfers. . . . 
Maturity. . . . 

Total 

CEASED. .  .  . 

In  FORCE, 
Dec.  31.  1973 

31 
20 

18,239 
6,138 

1 

90 

204 

542.029 

53 

4,814 

2 

70 

82,382 

2 

12,106 

26 

3,089 

2,025 

4,638,591 

936 

147.196 

23 

209 

253,314 

72 

94,550 

471 

85,864 

Statement  of  Business  in  Respect  of  Which  Reserves  Vary  Depending  Upon 
the  Market  Value  of  Specified  Groups  of  Assets 
(Segregated  Funds) 

Assets  (at  Market  Values  December  31,  1973) 

ALL 
FUNDS 
Total 

Bonds   5|7,537 

Stocks,  common  

S.X.F.  units   I7II 

Short  term  deposits   inn? 

Cash  

Investment  income  due  and  accrued   _______ 

Total  ■■■■  ,   M27.189 

Liabilities 

Funds  held  for  the  benefit  of  policyholders 

Capital   snnno 

Amounts  transferred  from  other  funds   'y£i 

Surplus  •  

Total  funds   8327,189 

Reconciliation  of  Funds 

Funds  at  beginning  of  year   $ 

Net  balance  of  investment  operations   ija'nSiB 

Net  transfers  re  policyholders'  benefits   ^0  000 

Net  company  contributions   ' 

Funds  at  end  of  year   $327,189 

Company  Contributions 

Transfers  from  non-participating  fund   $  50,000 

TOTAL   »  50'000 


LIFE  INSURANCE  COMPANIES  FOR  1973  39 


L'Economie  Mutuelle  (concl'd) 


Investment  Operations  and  Expenses 

Income 

Interest  on  bonds  

Dividends  on  stocks  

Interest  on  cert,  of  deposit  


Total  income 


Unrealized  appreciation  in  value  of  assets 

Appreciation  or  depreciation  on  bonds  

Appreciation  or  depreciation  on  stocks. . . .  . 
Appreciation  or  depreciation  S.N.F.  units.  . 


Total  unrealized  appreciation  or  depreciation 


Expenses 

General  expenses. 


Total  expenses 


Net  balance  carried  to  reconciliation  of  funds 


Amounts  Transferred  re  Policyholders'  Benefits 

Transfers  and  payments  into  funds 

Reserve  allocation  

Dividends  left  on  deposit  


Total 


Transfers  and  payments  from  funds 

Surrenders  

Withdrawal  of  dividends  left  on  deposit 


Total  

Net  transfers  and  payments 


Basis  of  Valuation 

The  units  of  the  variable  fund  of  L'Economie  Mutuelle  d* Assurance  are  formed  of  units  of  the  S.N.F.  fund  and 
their  valuation  is  determined  by  the  company  on  the  last  working  day  of  each  month.  The  valuation  is  obtained  by 
dividing  the  market  value  of  assets  in  the  fund  by  the  number  of  units  issued  and  outstanding.  The  securities  are  valued 
using  the  last  sale  price,  on  valuation  day.  If  no  sales  were  made,  the  average  of  bid  and  ask  price  is  used.  The  trustee 
determines  the  valuation  for  unlisted  securities.  If  the  market  condition  requires  it,  the  company  may  determine  this 
value  more  frequently.  Any  value  so  established  represents  the  purchase  and  sale  price  of  the  units,  until  a  new  value 
is  determined.  All  units  have  the  same  value  at  all  times. 

There  is  no  guarantee  related  to  the  portion  of  the  policy  invested  in  the  variable  fund,  except  that  in  the  event 
of  death,  the  minimum  benefit  is  75%  of  premium  refunds  for  whole  life,  and  100%  for  savings  income. 

The  statutory  reserve  determined  for  policies  before  the  transfers  to  variable  funds  is  determined  according  to 
the  same  formula  as  for  non-variable  policies. 


Statement  of  Unit  Values 


NET  ASSETS 

UNIT  VALUE 

Fund 

January  1.  1973 

December  31,  1973 

January  1,  1973 

December  31.  1973 

Accumulation  Units 

Accumulation  Units 

Segregated  fund  — 

Quebec  

$ 

99,861 

$ 

277,611 

$ 
9.94 

$ 
9.86 

Segregated  fund  — 

49,578 

.99 

ALL 
FUNDS 
Total 


1,387 

696 

323 

$ 

2,406 

$ 

-1,S02 

-1,526 

-5,063 

? 

-7,891 

s 

215 

$ 

215 

$ 

-5,700 

$176,277 
9.883 


$186,160 


$  2,038 
1,094 

$  3.132 

$183,028 


41) 


ANNUAL  REPORT     SUPERINTENDENT  OF  INSURANCE 


THE  EMPIRE  LIFE  INSURANCE  COMPANY 

Head  Office,  Kingston.  Ont. 

OMcm  r,  Chairman  of  the  Board,  H.  N.  R.  Jackman;  President,  J.  S.  M.  Wason;  Vice-Presidents,  R.  Baltruweit, 
r       S  G  D.  De  R€,  W  .  H.  Merriam;  Actuary,  W.  H.  Aitken;  Medical  Ofhcer,  J.  N.  Chesebrough;  Secretary, 

B,  W.  Kaittlag, 

H.  N.  R.  fackman,  E.  K.  Cork,  R.  M.  Macintosh,  L.  P.  Beaubien,  H.  H.  Blakeman,  P.  S.  Gooderham, 
\.  11  Hanly,  H.  K.  fackman,  W.  L.  Knowiton,  H.  E.  Langford,  B.  R.  B.  Magee,  K.  G.  Hutchison,  S.  V.  Emory, 
j.  S.  M.  \\  ason.  K.  Michcner. 

Auditors.  -  Thorne.  Gnnn,  &  Co. 

ration.  -  1923.  Date  Commenced  Business  in  Ontario.  -  1923. 

1  ieensed.  -  Alberta,  British  Columbia.  Manitoba,  New  Brunswick,  Ontario.  Prince  Edward 
Island.  Quebec,  Saskatchewan. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 


Capital  stock  authorized: 

Amount  -  common  $2,000,000. 

No.  of  shares  -  common  2.000,000,  Par  Value,  $1. 


No.  of  Amount  Amount 

Shares       Subscribed    Paid  in  Cash 


Capital  stock  issued  and  outstanding  at  beginning  and  at  end  of  year: 

Common    704,528         $704,528  $/U4.ozs 


Premium  on  Capital  Stock 

Tot  al  amount  paid  at  beginning  and  at  end  of  year   $929.122 


Comparative  Balance  Sheet 
Assets 


Current  Prior 
Year  Year 


Investments:                                                    .  .  „    .  innnnft  *   

Short  term  deposits  and  money  market  securities   *  28  638333  26  541  815 

5°"£s0 20*.528*944  18',548',037 

Mortgage  loans   kqq  ai i  74*1 0^6 

Real  Estate   7  Sg'm*  7  218453 

Policy  loans   7'538'013  7,218,45<* 

TmiI  .,.OT,TMFNTS    $123,024,871  $111,257,271 

Total  investments   *        14  969  39,061 

Cash   1  ncc'000  1  125  047 

Investment  income,  due  and  accrued   k7o  naK  '^RRR 

Outstanding  life  insurance  premiums  and  annuity  considerations   K7±%9  45905 

Accident  and  sickness  premiums  due  and  unpaid   tt'tvi  l'816 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid   40400  103678 

Miscellaneous  assets    4»,gw  ^  ' 

cTIRTOTAI    $124,987,404  $113,048,666 

segregate^ds^.v:::::::::::::::::::::::::::::::::::::::::   6,834,125 

Total  assets   $133,426,956  $110.882.791 


Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force   $  99 .305,108  $  9§.279,655 

Aggregate  reserve  for  accident  and  sickness  insurance   /.yuy.uoo  ^U14,l,u 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  con- 

tracts  and  including  interest  accumulations  'j  \ Li  '  ■  '  4,098,948  *,<ioi  ,uv<± 

Provisions  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in  1  Qg2  Q()0 

the  following  year   tPaRR  '  84  619 

Provision  for  group  experience  refund   o/.sou   L_ 

cira  TnTAI    $107,514,341  $  97.456.472 

segregate^ds^v:::::::::::::::::::::::::::::::::::::   8,439,552  6»834-125 

Sub-total.   $115,953,893  $104,290,597 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  for  ^  ggg  ^ 

unreported  claims  v  ■  \  v  '  j «  Q97  '  4*093 

Insurance  premiums  and  annuity  considerations  received  in  advance   osofwi  1  757  261 

Provision  for  quinquennial  dividends   9qq  *Q2  '194771 

Accounts  payable  and  accrued  expenses   nnnnRR  284  623 

Bank  overdrafts  and  borrowed  money   Rqq'Xi7  764*510 

Amounts  received  but  not  yet  allocated   lTfilQ  22  204 

Outstanding  premium  balances  due  reinsurers   4fi^2  66*589 

Accrued  interest  on  claims   1  248   ' 

Accrued  interest  on  bank  overdrafts   40*302  —22,118 

Provision  for  income  tax   9  cliq'oq^  2  249  019 

Employees'  pension  and  insurance  funds   4,qiv,ooq  ' 

Total  liabilities   8124.775.300  $111.500.176 


LIFE  INSURANCE  COMPANIES  FOR  1973 


41 


The  Empire  Life  (cont'd) 


Current  Prior 
Year  Year 


^°  ^Surplus  in  par  fund   $       139,563  $  782,837 

Investment  reserve  non  par  fund   2,240,000  2,240,000 

Shareholders'  equity: 

Capital  stock  paid  in   704,528  V&'oln 

Surplus  in  non  par  fund   5,567,565   4,655,250 

Total  equity   $    8,651,656  $  8,382,615 

Total  liabilities  and  equity   $133,426,956  $119,882,791 


Summary  of  Operations 

Premiums  and  annuity  considerations   $  22,772,737  $  17,226,805 

Considerations  for  settlement  annuities   283.5U2  /iD,/yu 

Contributions  to  employees'  pension  and  insurance  funds,  including  $169,249  by 

pmnlnvpp<!    419,321  2bl,ol4 

Net  in^Sment  income.':.':. ! ! ! . !  ] ! ! ! . ! . . . .   7,838,270  7,019.830 

Net  investment  income,  segregated  fund   no  Ane 

Miscellaneous  revenue  .   2.290  28,006 

Realized  gain  (loss)  segregated  fund  assets  only   JlbnJt  i  oon'fio? 

Unrealized  gain  (loss)  segregated  fund  assets  only   —55 J, 95 J  l.zvu.oaa 

Total  income   $  31.037.738         $  26.176.135 

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement 

annuities   $  10,0=n'i^  *      '  tt  pxA 

Payments  under  settlement  annuities   iXYnf*  iaco^s 

Payments  from  employees'  pension  and  insurance  funds   191,087  i^s.zao 

Normal  increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation  c  noo  ,  ,Q 

bases)    9,055,361  6,732,148 

Increase  in'  segregated  fund .'.                   . !   1 .604.626  2-?lo'fo0 

Increase  in  aggregate  reserve  for  accident  and  sickness  insurance   o™  oia  19Q1T1 

Increase  in  employees*  pension  and  insurance  funds   27(),8lb  ino'nSi 

Interest  credited  to  amounts  on  deposit  with  the  company   224 ,434  xZ'aH 

Interest  on  claims   ooI'ooa 

Taxes,  licences  and  fees,  excluding  investment  taxes  and  income  tax   315 ,877  cqc7rq 

Commissions  on  insurance  premiums  and  annuity  considerations   2,264,195  q  qa^7qq 

General  expenses  (excluding  investment  expenses)   4,980,494  d,8oo,/aa 

Total  expenses   $  29,477,796 

Profits  before  gains  or  losses  on  investments,  dividends  to  policyholders  and  income 

£ax    $  1,559,942 

Dividends  to  policyholders   ^o^'aiit 

Group  experience  refund    31, wo 

Profit  before  gains  or  losses  on  investments  and  income  tax   $  388,239 

Net  gains  or  losses  on  investments  (other  than  segregated  fund)   640,738 

Profit  before  income  tax   $  1,227,?1I 

Income  tax   657,158 


Net  profit   &  371,819 


$  23,857,451 

$ 

2.318.684 

1,035,528 

34,981 

$ 

1,248,175 

52,220 

$ 

1,300,395 

588,701 

$ 

711,694 

Surplus  Account 

Surplus,  at  beginning  of  year:-  Q1  no_ 

In  insurance  and  annuity  funds  -  shareholders   $    4^gg-£>0          $  4,t>di,u^o 

In  insurance  and  annuity  funds  -  policyholders   782,837  2oi,idVJ 


INCREASES 


Balance  carried  from  summary  of  operations   $      371,819  $  711,694 

Net  realization  on  sale  of  non-Canadian  agency                                                              -~  jkj.uuu 

Change  in  valuation  basis  -  actuarial  reserves    29,908 

Total  increase   $      401,727  $  776,694 


DECREASES 


12,916 

$ 

1,001 

  $ 

12,916 

$ 

1,001 

  $ 

388.811 
119,770 

$ 

775,693 
119,770 

  $ 

269,041 

$ 

655,923 

plus,  at  end  of  year: 

In  insurance  and  annuity  funds  -  shareholders. 
In  insurance  and  annuity  funds  -  policyholders 


42 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Empire  Life  (cont'd) 


Summary  of  Operations 
Accident  and  Sickness 
(Included  In  Summary  of  Operations— All  Business) 


Premiums  written . 
Reinsurance  ceiled 


$1,023,174 
76,425 


$  946,749 

In.-:, mm'  in  reserve  for  non-cancellable  policies   29 'SI?  *  Q17QQ0 

Increase  in  reserve  for  unearned  premiums  at  100%   f 

lM  .         .  .    $  662,153 

I  hums  paid  —  net  ■   —9  707 

Increase  in  provision  for  unpaid  claims   oqv'ooo  qqo  9rr 

C  La  present  value  of  amounts  not  due  on  claims   ______  «wj.-oo 

$  -72,278 

  $  72,565 

( .  ommissions   20  529 


Taxes 


139,386 


general  expenses    13*142  245,622 

Dividends  to  policyholders   '  _______ 

Net  underwriting  profit  (loss)   $-317,900 


EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

ANNUITIES 

Total 

Ordinary 

Group 

Ordinary 

Group 

Partici- 
pating 

Non- 
partici- 
pating 

Non- 
partici- 
pating 

Partici- 
pating 

Non- 
partici- 
pating 

Non- 
partici- 
pating 

NTet  of  reinsurance 

ceded: 

$ 

258,424 
1,081,963 
5,319,931 

$ 

35,036 
596,658 
5,319,171 

$ 

$ 

-135 
404,736 
422,699 

$ 

3,943,117 
207,856 
552,488 

$ 

36,651 
1,049,284 
1,430,054 

$ 

4,273.093 
3,438,535 
14.114.360 

98,038 
1,070,017 

Totals  

6,660,318 

5,950,865 

1,168,055 

827,300 

4,703,461 

2,515,989 

21,825.988 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


Classification 

PARTICI- 
PATING 

NON- 
PARTICIPATING 

Total 

Ordinary 

Ordinary 

Group 

$ 

143.618,547 
95,566,989 

$ 

161,081,120 
11,222,988 
202,342,125 
149,812,427 

$ 

907,500 

$ 

305,607,167 
106,789,977 
475,322,125 
185,663,731 
24,791,000 

272,980,000 

35,851,304 
24,791,000 

299,827,840 

524,458,660 

273,887,500 

1,098,174,000 

LIFE  INSURANCE  COMPANIES  FOR  1973 


43 


The  Empire  Life  (cont'd) 

General  and  Investment  Expenses 
(including  segregated  funds) 


RENT 


Head  office .  . 
Branch  office. 


Total. 


SALARIES,  WAGES  AND  ALLOWANCES 

Head  office  employees  

Branch  office  employees  

Managers  and  agents  

Directors'  fees  

Agents'  expense  allowances  

Advances  to  agents  


Total  

CONTRIBUTION'S  TO  EMPLOYEES'  AND 
AGENTS'  WELFARE 

Pension  and  insurance  funds  for  employees  

Pension  and  insurance  funds  for  agents  

Unemployment  insurance  

Canada  and  Quebec  Pension  plans  

Miscellaneous  contributions  to  employees  

Contributions  to  provincial  health  insurance  plans  


Life 

Accident 

AND 

Sickness 

Investment 

Total 

$ 

S 

S 

$ 

122  653 
261 410 

4  039 
5^694 

27,723 
2,202 

154  415 
269.306 

384,063 

9,733 

29.925 

423,721 

1,307,938 
365,121 
868.428 
20,816 
414.579 
— 55,411 

43,074 
7.953 

18,916 
1,010 
9,031 
-1,685 

172.966 
9,893 

1,523.978 
382,967 
887.344 
21.826 
423.610 
-57,096 

2,921,471 

78,299 

182,859 

3,182,629 

Total. 


PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

Auditors'  fees  

Consultant  fees  not  included  above  


Total. 


MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  conventions  

Books  and  periodicals  

Bureau  and  association  dues  

Collection  and  bank  charges  

Commissions  on  mortgages  

Custody  of  securities  

Insurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  

Office  furniture  

Rental  of  equipment,  tabulating  and  miscellaneous  services . 

Travelling  expenses,  head  office  

Travelling  expenses,  branch  office  

Other  


Total. 


REAL  ESTATE  EXPENSES 

Head  office  buildings  

Other  properties  


EXCLUDING  TAXES 


Total  

Total  general  expenses. 


175,140 
67,225 
20,426 
23,039 
12,322 
3,030 


301,182 


14,728 
52,137 
50,732 
5,722 
26,050 


149,369 


254.120 
29,084 

3.692 
20,491 

4,863 


7,751 
158,147 
131,315 

61,614 
135,997 
106,468 

49,231 
122,250 


1,085,023 


4.841,108 


5,691 
1,464 
992 
692 
598 
66 


9,503 


6,035 


741 

SSI 


7,657 


715 
2,180 
2,122 

278 
1,226 


,521 


,406 
634 
151 
946 
236 


376 
5,086 
4,171 
1,778 
6,603 
2,892 
1,072 


2,000 


11 

6,000 


8.011 


930 
470 
243 
8S.625 
11,134 
520 
6,675 
4,947 
1,125 
7,260 
7,360 

161020 


35,330 


139,386 


145,309 


60,768 
18,045 


7S.S13 


452,574 


44 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Empire  Life  (cont'd) 


W  O  —  W  H  1< 
00  t-  Os  CD_  t- 
— »  -1*  00  CN  Q»  CN  00 
—  CO  CO  — I 


CD  CO  Tf  iO_  00  OS  CD 

>o(No"'0  r-*  t~  t-" 
^  00  "-i  >0  Ci  t-  »o 
CM  CD      CO  'O 


ooo  :cMOst^ooo 

t^.  CO  :  OS  OS  CO  CM 
iO>-<  :C5HCOO 


OOl 
OCM 
OQ0 


O  id  N  N  (M 

oo-^cd'coo* 
^hco-^iO'-i 
cm  cn  cq  co 

r-TcM*0* 


WNCOOIM03  00  0>ONCO 
iO  O  0_^_CO  CO  00  »C  CD  t^Tf 
irr" . — i  . — «  i — i  <M  'O  00  iD  OS  OS 

■'tooco-^ooO'-Hr-ioo 


NCOOOhNOOSOimNO 
NCNOlHTfOOOOOOOlOOHO 

o  i — i  cd  cd  ^  cm  oq  t>  cm  co  »ra  I>  O 

CO  i-h  ID  iQ  CO  CO  00*  t-"  t>"  »C  H  00*  CD 
OS  OS  CO  00  00  CM  .-I  00  CO      rH  00 


^t^CM00cDO>CDC0rt<OO 
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ID  iO  iO  CO         CN  OS© 

coodoo*t>^H 

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£  CQ       "3  co  5  r£  2  tv!  £V  • 


J«  CO  «  « 


1—1    P2\p»coeocooooocooo  .K\ 


m    m  lo  i.o  cm  cm  cm  >s , 
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LIFE  INSURANCE  COMPANIES  FOR  1973 


45 


The  Empire  Life  (cont'd) 


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MONH 


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40 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


The  Empire  Life  (cont'd) 


H 

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LIFE  INSURANCE  COMPANIES  FOR  1973 


47 


The  Empire  Life  (cont'd) 


Summary  of  Reserve 


Partici- 
pating 

Non- 
Partici- 
pating 

Total 

Reserve  for  policies  and  contracts  in  force: 

Deduct  reserve  for  reinsured  contracts: 

Total  reinsurance  

Deduct  deferred  life  insurance  premiums  and  annuity  considerations  less 

Net  reserve  carried  in  liabilities  

$ 

40,655,966 
3,334,785 

$ 

37,156,490 
21,494,941 

$ 

77,812,456 
24,829,726 

4*-?  QQO  751 

58,651,431 

102,642,182 

124,507 

854,559 

979,066 

124,507 

854,559 

979,066 

43,866,244 
1,319,809 

57,796,872 
1,038,199 

101,663,116 
2,358,008 

42,546,435 

56,758.673 

99.305,108 

Statement  of  Actuarial  Liabilities 

All  Life,  Endowment,  Term  and  deferred  annuities  were  calculated  on  a  policy-by-policy  basis  by  computer, 
including  child's  deferred  assurances  and  conversion  from  the  latter. 

Prospective  formulae  were  used  in  all  cases  to  calculate  the  terminal  reserve  at  the  policy  anniversary  following 
the  statement  date  which  was  then  discounted  for  half-a-year  interest  and  expected  death  strain. 

Reserves  were  calculated  with  proper  allowance  for  immediate  payment  of  claims  and  the  frequency  of  premium 
payments. 

Each  policy  was  valued  on  the  mortality  table  used  to  calculate  cash  values  except  where  such  table  was  not  shown 
in  Schedule  D  of  the  Ontario  Insurance  Act  in  which  case  1958  CSO  33^%  Canadian  modification  was  generally  used 
for  assurance  policies  and  4%  for  deferred  annuities,  issued  up  to  1972  inclusive  and  4^%  thereafter. 

Each  policy  was  valued  either  on  a  net  level  premium  basis  or  the  Canadian  modified  basis  as  per  Schedule  XIII. 

Reserves  on  policies  issued  on  age  0  allowed  for  a  reduced  death  benefit  in  the  first  policy  year. 

Policies  issued  at  premiums  corresponding  to  ages  higher  than  the  true  ages  were  valued  as  at  the  rated-up  age. 

Policies  issued  subject  to  a  lien  or  contingent  debt  were  valued  for  the  full  amount  of  insurance. 

Policies  on  special  lives:  none  in  force. 

Policies  issued  at,  or  subject  to,  an  extra  premium  payable  either  in  one  sum  or  annually;  a  reserve  equal  to  50% 
of  the  gross  extra  premium  is  provided  in  the  valuation. 

For  policies  providing  for  disability  benefits  (waiver  of  premiums,  monthly  incomes,  Homemaker's  Provision, 
payor  death  and  disability)  the  addition  liability  was  determined  as  follows: 

(1)  Before  the  occurrence  of  disability,  by  the  accumulation  without  interest  of  50%  of  the  gross  extra  premium 
from  the  date  of  issue  on  the  policies  in  force  as  at  the  date  of  valuation;  for  paid  up  policies  a  reserve  of  $20 
per  SI, 000  was  provided  less  a  deduction  for  waiver  of  premiums,  this  deduction  being  the  difference  at 
31.12.68  between  reserves  on  the  above  basis  and  net  level  premium  reserves  on  1952  Dis.  Period  2  Ben. 
5  3H%. 

(2)  After  the  occurrence  of  disability  the  reserve  provided  was  the  present  value  of  future  income  payments  and 
premiums  to  be  waived  on  the  basis  of  Hunter's  disability  table  with  interest  at  the  rate  of  3%  per  annum. 

Policies  providing  for  additional  accidental  death  benefits  were  valued  as  follows:  For  all  policies  in  force  a  reserve 
of  .90  cents  per  $1,000  for  the  benefits  was  computed  less  a  deduction,  this  deduction  being  the  difference  at  31.12.68 
between  reserves  on  the  above  basis  and  net  level  premium  reserves  on  59  ADB-58CSO  3>a%. 

Settlement  annuities:  Reserves  were  computed  on  the  basis  of  4%  interest  with  mortality  on  the  1937  Standard 
Annuitants  Table. 

Policies  with  decreasing  amount  of  insurance  included  for  amount  in  force  of  75%  initial  amount  and  reserve  of 
50%  gross  annual  premium. 

Family  protection:  Reserves  were  computed  on  the  basis  of  55%  of  gross  premiums  for  benefit  accumulated  at  3%. 
Child's  Savings  Provision:  87%  of  gross  premium  for  benefit  accumulated  at  3%. 

Guaranteed  Insurability:  Reserves  were  computed  on  the  basis  of  75%  of  gross  premiums  for  benefit  accumulated 
at  3%. 

Return  of  premiums  benefit:  Reserves  were  computed  on  the  basis  of  75%  of  gross  premium  accumulated  without 
interest. 


48 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


The  Empire  Life  (cont'd) 


Allocation  of  Surplus 

A  separation  oi  funds  of  the  Company  as  between  participating  policies,  non-participating  policies  and  share- 
holders has  been  made. 

The  chief  component  of  each  dividend  is  an  excess  interest  factor  times  the  Cash  Value  per  thousand.  This  excess 
Interest  factOI  is  S(»-;  of  the  difference  between  the  current  earned  interest  rate  of  5  9%  and  the  gross  premnim  interest 
rate  which  Is  2.75'  ;  un  .ill  premium  paying  life  and  endowment  plans  and  3.0%  for  annuity  contracts.  For  paid-up 
policies  an  interest  rate  of  3.25%  was  assumed. 

An  adjustment  In  respect  of  differences  between  past  and  present  gross  premiums  is  made  on  cases  issued  on  past 
rate  series,  rhe  basis  for  conversion  to,  and  surrender  of,  bonus  additions  is  A24/29  ultimate  6^2/0- 

No  distinction  in  dividend  class  is  made  between  policies  with  and  without  disability  benefits. 


Accident  and  Sickness  Insurance 

Reserve  tor  non-cancellable  policies  (active  lives):  Net  level  premium  reserves  on  1964  Commissioners  Disability 
Table,  3%. 

Present  value  of  amounts  not  yet  due  on  claims  (disabled  lives): 

(a)  ordinary  policies:  1964  Commissioners  Disability  Table, 

(b)  group  long  term  disability  policies:  1964  Commissioners  Disability  Table,  (modified)  5>3%. 

(c)  group  weekly  indemnity  policies:  individual  assessment. 

Dividends  to  policyholders  for  non-cancellable  disability  policies:  5%  of  second  year  premium,  10%  of  third  year 
premium  and  15%  thereafter. 


Life  Insurance  Policies  (Gross) 


Classification 


In  force, 

Dec.  31.  1972. 
New  effected. . . 
Old  revived. 
New  bonus 

additions.  .  .  . 
Old  increased .  . 


Totals. 


Less  ceased  by: 

Death  

Maturity  

Expiry  

Surrender  

Lapse  

Withdrawal . . 

Decrease  

Transfer  to 
Ord. 

Annuities  — 
Deferred . . . 

Total 
ceased.  . 

In  force, 
Dec.  31.  1973 


ORDINARY 


Number 


75,165 
5,930 
603 


79 


81.777 


462 
529 
484 
1,957 
1,796 


Amount 


765,133,000 
108,897.000 
9,777,665 

2,874,441 
14,268.362 


900,950,468 


GROUP 


Number  of    Number  of 
Policies     Certificates  Amount 


2,745,624 
1,057,329 
17,454.883 
13,083.491 
31,672,673 


35 


5,263 


76,514 


10,518,016 


131,952 


76.663,968 


824.286,500 


180 


249 


23 


23 


226 


43,658 
2,438 


7,018 


53,114 


140 


288 
5.299 


231.182,000 
31,580,000 


43.218,617 


305,980.617 


881.607 


2,740,628 
28,470,882 


TOTAL 


Number  of 
Policies 


5,727  32.093,117 


47,387  273,887,500 


75,345 
5,999 
603 


79 


82,026 


462 
529 
484 
1,957 
1.819 


Amount 


996.315.000 
140.477.000 
9,777,665 

2,874,441 
57,486,979 


1.206,931,085 


35 


5,286 


76.740 


3,627.231 
1,057,329 
17,454.883 
13.083.491 
34.413,301 
28,470,882 
10,518,016 


131,952 


108,757,085 


1,098,174.000 


LIFE  INSURANCE  COMPANIES  FOR  1973 


49 


The  Empire  Life  (cont'd) 


Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


NEW  EFFECTED 


Direct 
Written 


98,046,850 
31.580,000 


129,626,850 


Reinsur- 
ance 
Assumed 


10,850,150 


10,850,150 


Reinsur- 
ance 
Ceded 


$ 

14,790.679 


14,790,679 


Net 


94.106,321 
31,580,000 


125,686.321 


IN  FORCE 


Direct 
Written 


760,106,778 
273,887,500 


1,033,994,278 


Reinsur- 
ance 
Assumed 


64,179,722 


64,179,722 


Reinsur- 
ance 
Ceded 


84,515,785 
43,555 


84,559,340 


1,013,614,660 


Annuities  (Gross) 


ORDINARY  ANNUITIES 

GROUP  ANNUITIES 

SETTLE- 
MENT 
ANNU- 
ITIES 

DISA- 
BILITY 
ANNU- 
ITIES 

Deferred 

Vested 

Deferred 

Vested 

No. 

Annual 

PAY- 
MENT 

No. 

Annual 

PAY- 
MENT 

No. 

OF 

con- 
tracts 

No. 

OF 
CER- 
TIFI- 
CATES 

Annual 

PAY- 
MENT 

No. 

OF 
CER- 
TIFI- 
CATES 

ANNUAL 
PAY- 
MENT 

No. 

Annual 

PAY- 
MENT 

No. 

Annual 

PAY- 
MENT 

In  force 

December  31,  1972 

1,524 
546 
15 

$ 

2,013,509 
1,113,089 
29,856 

269 
115 

$ 

390.029 
329.811 

109 
62 

1,374 

751 

$ 

1,236,600 
675,900 

84 

$ 

76,640 

76 
19 

$ 

67,424 
18.779 

5 
1 

$ 

3,106 
300 

Transfers  from  Defer- 

487 

438.300 

17 

12,774 

Transfers  from  Ord. 
and  Insurance  

35 

15,834 

2,120 

3,172,288 

384 

719,840 

171 

2.612 

2.350.800 

101 

89,414 

95 

86.203 

6 

3,406 

Less  ceased  by: 

Death  

2 

2,313 

1 

1,202 

9 

8,100 

1 

115 

Recovery  from  dis- 

1 

600 

122 
52 

175,422 
119,558 

10 

216 

203,400 

1 

984 

Transfers  to  Vested 

Total  ceased.  . 

In  force 

December  31,  1973 

1 

1,032 

17 

12,774 

177 

297,293 

2 

2,234 

10 

242 

224,274 

2 

1,099 

1 

600 

1,943 

2,874.995 

382 

717,606 

161 

2,370 

2,126.526 

99 

88,315 

95 

86,203 

5 

2.806 

5U 


ANNUAL  RETORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Empire  l  ife  (cont'd) 

Statement  of  Business  In  Respect  of  Which  Reserves  Vary  Depending  Upon 
the  Market  Value  of  Specified  Croups  of  Assets 
(Segregated  Funds) 

Assets  (at  Market  Values  December  31,  1973) 

Bonds   *  472,500 

Stocks,  preferred   on?'o2o 

Stocks,  common   7,294,888 

Cash   66,706 

Investment  income  due  and  accrued   21,458 

Short  term  deposits   425,000 

Total   $  8,439,552 

Liabilities 

Kxpenses  due  and  accrued   $  4,218 

Total  amounts  owing   $  4,218 

Funds  held  for  the  benefit  of  policyholders 

Actuarial  reserve   »  {  iSowo 

Staff  pension  fund   opq'oia 

Amounts  transferred  from  other  funds   2u8,214 

Total  funds   $  8,435,334 

Total  funds  and  amounts  owing   $  8,439,552 

Reconciliation  of  Funds 

Funds  at  beginning  of  year   $  6,fi2'o?f 

Net  balance  of  investment  operations  and  expenses   —  ^'%{L 

Net  transfers  re  policyholders'  benefits   1,9.31, 54,3 

Funds  at  end  of  year   $  8,435,334 

Investment  Operations  and  Expenses 

lNCOME                 ,  <  91 

Interest  on  bonds   *  iqqqw 

Dividends  on  stocks   •to'koa 

Interest  on  short  term  deposits   ______ 

Total  income  •  •  •  •  S  223,162 

Net  profit  on  sale  of  investments  (excess  of  proceeds  over  market  value  at  beginning  of  year  or  at 

date  of  purchase  during  year)  fi 

Gain  or  loss  on  stocks   *  ot.*ua 

Total  gain  or  loss  on  sale  of  investments   $  51,408 

Unrealized  appreciation  in  value  of  assets  (change  in  market  values  since  beginning  of  year  or  at 

date  of  purchase  during  year)  -lonnn 

Appreciation  or  depreciation  on  bonds   ®_  /.ffwip 

Appreciation  or  depreciation  on  stocks   QJtV^ox 

Total  unrealized  appreciation  or  depreciation   g  -  552,952 

Total  capital  gain  or  loss   501,644 

Expenses  «  4R 

Management  fees   $ 

Total  expenses  •  •  •   $  48,535 

Net  balance  carried  to  reconciliation  of  funds   326,917 

Amounts  Transferred  re  Policyholders'  Benefits 

Transfers  and  payments  into  funds  _  _  327 

Premium  allocations   *  lld'^S4? 

Contributions  to  staff  pension  fund   1  807 

Miscellaneous  income    ' 

Total   »  2-443'355 

Transfers  and  payments  from  funds  $      10  214 

Annuity  payments   *     499  926 

Surrenders   1682 

Staff  pension  fund  refunds  ?    ' 

TOTAL   j  511'822 

Net  transfers  and  payments   *  1,931,543 


LIFE  INSURANCE  COMPANIES  FOR  1973 


51 


The  Empire  Life  (concl'd) 

Valuation  of  the  Fund  and  Assets 

The  Fund  is  valued  and  unit  values  are  recalculated  on  the  last  business  day  of  each  month  and  on  such  additional 
days  as  deemed  appropriate  by  the  Company.  The  Company's  current  practice  is  to  value  the  Fund  and  recalculate 
2? unit  vSufon  the fast  day  of  each  month,  and  on  the  business  day  coincident  with  or f.mmedia  ^ly  precedmg  the 
fifteenth  day  of  each  month.  The  value  of  the  Fund  is  determined  as  the  market  value  of  the  assets  in  the  Fund  as 
of  that  date,  less  the  fees  and  expenses  to  be  charged  to  the  Fund.  The  unit  values  are  determined  by  dividing  the 
value  of  the  Fund  by  the  total  number  of  all  units  outstanding. 

To  the  extent  possible  the  market  value  of  common  and  preferred  stocks  in  the  Fund  will      the  closing  price 
on  the  Fund  valuation  date  on  a  nationally  recognized  stock  exchange;  the  values  f «  ^nd»  ^e^tu^ 
obtained,  to  the  extent  possible,  by  averaging  the  quoted  prices  of  three  bond  dealers  on  the  Fund  valuation  date, 
and  in  all  other  cases  fair  market  value  as  determined  by  the  Company. 

The  settlement  option  rates  contained  in  individual  deferred  annuities  guarantee  .maximum  Purchase  rates  for 
single  life  immediate  annuity  plans  purchased  from  the  Segregated  Fund  or  the  general  funds  of  the  Company.  Excess 
interest  is  applicable  to  purchases  from  the  general  funds  but  not  to  purchases  from  the  Segregated  Fund  A lse  tle- 
mfnt  option  rates  (1)  guarantee  maximum  expense  charges  (however  the  maximum  management  fee  and the  l^it  on 
other  charges  against  the  Segregated  Fund  earnings  are  as  contained  in  the  original  policy),  and  (2)  if  life. cont^ncies 
are  involved-contain  a  mortality  guarantee.  The  settlement  option  rates  applicable  to  purchases  from  the  Company  s 
general  funds  contain  a  guaranteed  minimum  interest  rate  of  3%. 

Deferred  group  annuity  policies  contain  guaranteed  maximum  purchase  rates  applicable  to  Purchases  from  the 
Company's  general  funds.  These  rates  are  non-participating-guaranteeing  maximum  expense  charges,  minimum 
interest  rates  and  mortality  guarantees. 

Immediate  Variable  Annuities 

Reserves  for  immediate  variable  life  annuities  are  calculated  using.the  A- 1949  Table  Projected  with  scak  B  to 
1980.  In  order  to  reflect  the  automatic  3%  reduction  on  each  policy  anniversary  in  the  number  of  unit  s  to be  applied 
to  annuity  payments  in  the  ensuing  year  the  single  premium  cost  functions  are  calculated  using  an  interest  rate  of 
3%  per  annum  and  are  loaded  \  W7o  of  gross. 

Settlements  under  Individual  Deferred  Variable  Annuities 

Number  of  lives  receiving  immediate  variable  annuities  at  December  31,  1973  was  6. 
Reserve  at  December  31,  1973  was  11.449.67  units. 


Statement  of  Unit  Values 


Fund 

Net  Asset 

Accumulation  Unit  Value 

Jan.  1,  1973 

Dec.  31.  1973 

Jan.  1.  1973 

Dec  31,  1973 

S6.830.708 

$8,435,334 

$6.74 

$6.51 

52 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


GERLING  GLOBAL  LIFE  INSURANCE  COMPANY 

Head  Office,  Toronto,  Ont. 

OMetrs,  -  Chairman  of  the  Board,  Dr.  H.  Gerling;  Vice-Chairman  and  President,  N.  E.  Phipps;  Executive  Vice- 
Preaident,  K.  H.  Klaeaer;  Senior  Vice-President  and  Secretary,  W.  G.  MacLeod;  Vice-President  and  Treasurer,  G. 
P.  Lautenschlager;  Vice-President.  A.  J.  Marrocco, 

Directors,  -  11.  Gerling,  N.  E.  Phipps,  T.  Baer,  D,  S.  Beatty,  J.  M.  R,  Corbett,  R.  W.  Finlayson,  L.  P.  Gelinas, 
\V.  P,  Gilbride,  C.  F.  Harrington,  K-H.  Klaeser.  G.  P.  Lautenschlager,  H.  E.  Lumsden,  P.  Mehlhorn,  T.  F.  Moore, 

K.  E.  Scott. 

Auditors,  -  Coopers  &  Lybrand. 

Pate  ojf  Incorporation,  -  1956.  Date  Commenced  Business  in  Ontario.  -  1957. 
Provinces  in  Which  Licensed.  -  Alberta.  British  Columbia,  Ontario,  Quebec. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

Capital  stock  authorized: 

Amount  -  Class  "A"   $  1,000,000 

-  Class  "B"   1,000.000 

-Common   1,000.000 

Total   9  3,000,000 

No.  of  shares  -  Common,  10,000;  Class  "A",  10,000;  Class  "B",  10.000. 
Par  Value,  $100  each. 

No.  of  Amount  Amount 
Shares           Subscribed      Paid  in  Cash 

Capita]  stock  issued  and  outstanding  at  beginning  and 

at  end  of  year:  Class  "A"                                                                10,000          $  1,000,000  $  1,000,000 

Class  "B"                                                                 1.000                100,000  100.000 

Common                                                                 10,000             1,000,000  1,000,000 

Totals                                                                               21,000           $2,100,000  $2,100,000 


Premium  on  Capital  Stock 

Total  amount  paid  at  beginning  and  at  end  of  year   $  2,180,000 

Comparative  Balance  Sheet 

Current  Prior 

Assets  Year  Year 

Investments: 

Short  term  deposits  and  money  market  securities   $  1,473,295  $  1,225,000 

Bonds    12,652,705  12,295,977 

Stocks    1,466,803  1,377,824 

Mortgage  loans   4,396,662  2,573,959 

Real  Estate   750,000  750,000 

Policy  loans   1,342,990  1,245.651 

Total  investments   22,082,455  19,468,411 

Cash   317,891  225,602 

Investment  income,  due  and  accrued   332,225  338,361 

Outstanding  life  insurance  premiums  and  annuity  considerations..   1,754,126  1,468,640 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid   —  25,000 

Deposits  with  ceding  companies   35,209,170  26,468,558 

Leasehold  improvements   4^'^i  ivo^q 

Amounts  recoverable  from  reinsurer   26,078  11.959 

Other  assets   14,512  32,973 

Total  assets   $59,785,205  $48,110,502 

Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force   $39,004,442  $29,842,756 

Aggregate  reserve  for  accident  and  sickness  insurance   30,604  38 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts 

and  including  interest  accumulations   632,826  552,028 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in  the 

following  year   45,303  35,297 

sub-total  ;.   39,713,175  30,430,119 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  for 

unreported  claims   942,556  £  q?q 

Insurance  premiums  and  annuity  considerations  received  in  advance   2,078  il'ooo 

Other  policy  and  contract  liabilities,  not  included  above   26,115  14,  J22 

Commissions  due  and  accrued   49^'527  471,012 

Accounts  payable  and  accrued  expenses   66 ,787  iTs'/ma 

Outstanding  premium  balances  due  reinsurers   145,058  118,414 

Miscellaneous  liabilities   17,197  11, 048 

Balance  due  to  reinsurers   21,737  1,022, .5 id 

Employees'  pension  and  insurance  funds   275,200  281,100 

Deposit  withheld  from  reinsurers   13,965,468  11,901.809 

Total  liabilities   $55,673,898  $44,587,496 


LIFE  INSURANCE  COMPANIES  FOR  1973 


53 


Gerling  Global  Life  (cont'd) 


Liabilities  and  Equity  (con't) 

Current  Prior 

Year  Year 

Policyholders'  equity:                                                                                            $  2  368  907  $  2,401.329 

Surplus  in  par  fund....  ..  ..                                                                                    199  046  186.377 

Investment  reserve  par  fund                                                                                    189  135  125.393 

Investment  reserve  non  par  fund   iOJ7' 

Shareholders'  equity:                                                                                                2  100  000  2.100.000 

Capital  stock  paid  in                                                                                                78f078  303.078 

Surplus  in  shareholders  fund                                                                                —823  859  —1  593  171 

Surplus  in  non  par  fund    '  '  !  

$  4  111,307  $  3.523.006 

Total  equity   »  ^'1X  '   


Total  liabilities  and 


equity   $59,785,205 


$48,110,502 


Summary  of  Operations 


$  6,296.285 


Premiums  and  annuity  considerations.                       ........  ...  . .  •••••••  ■ • •  ■  • ■  ■  $  8.253,606 

Contributions  to  employees'  pension  and  insurance  funds,  including  $ll,2d»  by  em-  ^  ^  20,889 

Payees   2  266'253  1,907!904 

Net  investment  income   '   

TOTAL  INCOME   $10.541,479             *  8'225'078 

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement  ^  ^  ^          $  2,132,146 

annuities  •.   '    4*997                '  5,640 

Payments  under  settlement  annuities  •  •  ;  •  •  •  •  •  •  •  :  •  • 

Normal  increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation  ^  ^  ^  3i225,850 

bases)  • '  ^n'^fifi  '  —29 

Increase  in  aggregate  reserve  for  accident  and  sickness  insurance   ^4  73ft                526  408 

Interest  credited  to  amounts  on  deposit  with  the  company   21  288  l!293 

Interest  on  reinsurance  accounts   25  786  37i541 

Interest  on  claims  - ;  ;   sq'oq^                  50  3 19 

Taxes,  licences  and  fees,  excluding  investment  taxes  and  income  taxes   wmk              1  165'750 

Commissions  on  insurance  premiums  and  annuity  considerations   ^3978               '573  610 

General  expenses  (excluding  investment  expenses)   ooo.y  /  o                _  • 

Other   .  

TOTAL  EXPENSES   *  9'726'423 

Profits  before  gains  or  losses  on  investments,  dividends  to  policy  holders   $     838  513 

Dividends  to  policyholders   _  ' 

Group  experience  refund   

Profit  before  gains  or  losses  on  investments   8    794  4n? 

Net  gains  or  losses  on  investments   z  ' 

Net  profit   *  800'948 


$  7,718,528 

t 

506,550 

31,263 

1,649 

I 

473,638 

86,222 

i 

559,860 

Surplus  Account 

Surplus  at  beginning  of  year:  $     303  078  S  473,078 

In  shareholders  fund... ......  ..    -1  593  171  -1,747,064 

In  insurance  and  annuity  funds  -  shareholders   9401  329 

In  insurance  and  annuity  funds  -  policyholders   ^'*u  ' 


2.070,311 


INCREASES 

Balance  carried  from  summary  of  operations   8     ^E'ltl  $  5o9,860 

Adj.  book  value  of  bonds  •  •  •  •.  ,  •  •  'I"** a  cQ^'Aru  312  010 

Increase  reserve  liability  of  ceding  reinsurer  for  foreign  exchange  adjustment   4,Soo.4U^  D1^'u  " 

Total  increase   $  5,659,800  $  871.870 


DECREASES 

$  76  411  $  71.449 

Increase  in  investment  reserve  ;  ■  •  •  •  •  •  •  •  •  •                  v  A  oqr'4n4.  312  010 

Increase  reserve  deposit  of  ceding  reinsurer  for  foreign  exchange  adjustment   i?nq?  3* 500 

Increase  in  actuarial  reserves  due  to  changes  in  valuation  basis   ii.wq   

Total  decrease  before  dividends  to  shareholders                                 $  4.922.910  $  386-959 

Net  increase  before  dividends  to  shareholders                                   *  225  000  $     170  000 

Dividends  to  shareholders    '   !  

$  511.890  $  314.911 

Net  increase                                                                                       *  oi^ou   


Surplus  at  end  of  year:  $      ?g  Q7g  $  303.078 

In  shareholders  fund  •   _cj>'?  szq  —1  593  171 

In  insurance  and  annuity  funds  -  shareholders   9«»an7 

In  insurance  and  annuity  funds  -  policyholders   z,ouo.?u< 


2.401.329 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Gerllng  Global  Life  (cont'd) 


Summary  of  Operations  (cont'd) 


Accident  and  Sickness 

(Included  in  Summary  of  Operations  -  All  Business) 

Premiums  Written   $  o^n'oco 

Reinsurance  Ceded   279,953 

$  92,357 

Increase  in  reserves  for  unearned  premiums   30,570  $  61,787 

Claims  paid   $  1^42* 

Claims  uvovered  from  reinsurers  in  current  year   —20,408 

Increase  in  Provision  for  Unpaid  Claims   15,124 

Increase  in  Present  Value  of  Amounts  not  Due  on  Claims   ~4  10,13b 

Commissions  •   57,139 

Net  underwriting  profit  (loss)   $  —6,488 


EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

ANNUITIES 

TOTAL 

ORDINARY 

GROUP 

ORDINARY 

GROUP 

Par. 

Non-Par. 

Non-Par. 

Par. 

Non-Par. 

Non-Par. 

Net  of  Reinsur- 
ance Ceded: 

$ 

10.290 
113,963 
353.403 

$ 

$ 

$ 

14,232 
63,543 
89,300 

$ 

281,010 

$ 

$ 

305.532 
576.976 
7.300,361 

First  Year. .  . . 
Renewal  

370,027 
4,871,499 

5,416 
968,564 

24,027 
1,017,595 

Totals  

477,656 

5,241,526 

973,980 

167,075 

281,010 

1,041,622 

8,182,869 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


Classification 

PARTICI- 
PATING 

NON- 
PARTICIPATING 

Total 

Ordinary 

Ordinary 

Group 

$ 

22,130,735 
15.636,584 

$ 

72,881,606 
1,934,817 

61,164,718 
8,645,918 
1,974,000 
449,996,981 

$ 

$ 

95.012,341 
17.571,401 
66,392,998 
14,719,618 
3,837,000 
508,420,005 

5,228,280 

6,073,700 
1,863,000 

58,423,024 

45,704,019 

596,598,040 

63,651.304 

705.953,363 

LIFE  INSURANCE  COMPANIES  FOR  1973 


55 


Gerling  Global  Life  (cont'd) 


General  and  Investment  Expenses 


RENT 

Head  office  

Branch  office  

Total  

SALARIES,  WAGES  AND  ALLOWANCES 

Head  office  employees  

Branch  office  employees  

Managers'  and  agents'  salaries  

Directors'  fees  

Agents'  expense  allowance  

Advances  to  agents  

Acquisition  and  allowances  

Total  

CONTRIBUTIONS  TO  EMPLOYEES'  AND  AGENTS*  WELFARE 

Pension  and  insurance  funds  for  employees  

Pension  and  insurance  funds  for  agents  

Unemployment  insurance  

Canada  and  Quebec  Pension  Plans  

Contributions  to  provincial  health  insurance  plans  

Total  

PROFESSIONAL  AND  SERVICE  FEES  AND  EXPENSES 

Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

Auditors'  fees  

Consultant  fees  not  included  above  

Total  

MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  conventions  

Books  and  periodicals  

Bureau  and  association  dues  

Collection  and  bank  charges  

Commissions  on  mortgages  

Custody  of  securities  

Insurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  1 

Office  furniture  

Rental  of  equipment,  tabulating  and  miscellaneous  services  

Travelling  expenses,  head  office  

Travelling  expenses,  branch  office  

Miscellaneous  

Total  

Grand  totals  

Less  amount  received  from  reinsurer  as  expense  allowance  

Total  general  expenses  


Life 


79,049 
16,078 


95,127 


358,266 
6,377 
6,000 
11,000 
-8,120 
-14,809 
5.441 


369,155 


10,531 
3,627 
3,520 
4,917 
8,150 


30,745 


6,500 
9,245 
10.819 
14,000 
23,282 


63,846 


Investment 


27.535 
78 
1,834 
14,345 
783 


2,901 
41,746 
31,261 
30,573 
22,136 
18,225 
3,873 
2,612 


197,902 


756,775 


192,797 


563,978 


502 


502 


7,980 


7,980 


109 


970 


46,772 


46,772 


1,575 
4,103 
6,379 


12,061 


68,285 


68,285 


56 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Getting  Global  Life  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


57 


Gerling  Global  Life  (cont'd) 


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58 


ANNEAL  REPORT     SUPERINTENDENT  OF  INSURANCE 


Gerling  Global  Life  (cont'd) 


t  >o  00 
>r>  r^co 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


59 


Gerling  Global  Life  (cont'd) 


Summary  of  Reserve 


Participating 

Non- 
participating 

Total 

Reserve  for  policies  and  contracts  in  force: 

$ 

5,109,531 
449,401 

$ 

31,470,819 
15,807,538 

$ 

36,580,350 
16,256,939 

47  97R  ^57 

52,837,289 

Deduct  reserve  for  reinsured  contracts: 

3,849,480 

9,446,648 
48,673 

13,296,128 
48,673 

3,849,480 

9,495,321 

13,344,801 

Deduct  deferred  life  insurance  premiums  and  annuity  considerations 
Add  reserve  for  contracts  reinsured  with  unregistered  companies  less 

1,709,452 
183,530 

37,783,036 
353,125 

39,492,488 
536,655 

1,525,922 

37,429,911 
48,609 

38,955,833 
48,609 

Net  reserve  carried  in  liabilities  

1,525,922 

37,478,520 

39,004,442 

Actuarial  Liabilities  for  Life  Insurance  and  Annuities 

Ordinary  Insurance  is  valued  according  to  the  Canadian  modification  principle  as  defined  in  the  Ontario  Insurance 
Act  as  revised  in  1963.  In  the  case  of  non-participating  insurance  the  1958  Commissioner's  Standard  Ordinary  Table 
of  Mortality  at  a  rate  of  interest  of  3X%  was  used.  In  the  case  of  participating  insurance  the  1941  CSO  lable  ot 
Mortality  at  a  rate  of  interest  of  3%  was  used.  Non-Par  Term  Insurance  benefits  issued  m  conjunction  with  partici- 
pating insurance  contracts  were  valued  using  the  1958  Commissioner's  Standard  Ordinary  Table  of  Mortality  at  a 
rate  of  interest  of  3j^%. 

Deferred  ordinary  single  premium  annuities  issued  prior  to  1973  and  deferred  ordinary  annual  premium  annuities 
were  valued  on  the  basis  of  an  interest  rate  of  4%  with  no  modification.  Deferred  ordinary  single  premium  annuities 
issued  in  1973  were  valued  on  the  basis  of  an  interest  rate  of  5lA%  with  no  modification.  For  these  classes  ot  po hcies 
if  the  cash  value  at  the  end  of  the  current  policy  year  exceeded  the  calculated  reserve  the  cash  value  was  held  as 
the  reserve. 

Vested  ordinary  annuities  issued  prior  to  1973  were  valued  according  to  the  1937  Standard  Annuity  Table  at  a 
rate  of  interest  of  33^%.  Vested  ordinary  annuities  issued  in  1973  were  valued  according  to  the  al949  lable  with 
Projection  B  to  1959  at  a  rate  of  interest  of  6%. 

Group  annuity  contracts  were  valued  according  to  the  1937  Standard  Annuity  Table  at  a  rate  of  interest  of  3J^%. 
For  cases  where  the  cash  value  exceeded  the  calculated  reserve  the  cash  value  was  held  as  the  reserve. 

In  the  case  of  Group  Insurance  Contracts  the  basis  of  reserves  was  as  follows: 

Except  for  a  few  contracts,  all  Group  Insurance,  both  Direct  and  Reinsurance  assumed  other  than  from  Germany 
was  sold  on  the  One  Year  Term  Insurance  Plan.  The  majority  of  the  contracts  had  premiums  payable  monthly  and 
falling  due  on  the  first  of  the  month,  and  in  this  case  no  reserves  were  held.  In  the  case  of  other  contracts,  the  reserve 
held  was  the  premium  which  had  fallen  due,  but  which  remained  unearned  because  the  period  covered  by  the  Premium 
had  not  elapsed.  One  case  of  Group  Reinsurance  assumed  was  on  a  single  premium  basis  and  was  valued  on  the  1908 
Commissioner's  Standard  Ordinary  Table  of  Mortality  at  a  rate  of  interest  of  3H%. 

In  the  case  of  Reinsurance  assumed  from  Germany,  the  reserves  as  calculated  in  Germany  were  accepted  by  us. 

In  the  case  of  other  ordinary  reinsurance  an  unearned  premium  reserve  was  held. 

Where  reinsurance  ceded  was  on  the  basis  of  annual  premium  one  year  term  insurance,  the  reserves  credited  were 
one-half  the  full  annual  premium  on  the  business  in  force  at  the  end  of  the  year  with  registered  reinsuring  companies. 
Policies  with  rated-up  age  were  valued  at  the  rated-up  age. 
Policies  with  lien  were  valued  assuming  there  was  no  lien. 

Policies  on  other  substandard  lives  where  extra  premiums  were  charged  to  cover  the  extra  mortality  were  valued 
with  the  reserves  increased  by  one-half  annual  premium  for  extra  mortality. 
There  were  no  policies  on  special  lives. 

In  the  case  of  ordinary  insurance,  on  policies  providing  disability  waiver  benefits  the  reserve  was  calculated 
according  to  the  1941  CSO  Mortalitv  Table  combined  with  the  1952  inter-company  disability  experience  for  period  2 
and  benefit  5  at  a  rate  of  interest  of  2^%.  For  such  policies  the  reserve  for  the  disability  income  benefit  was  150% 
of  the  reserve  according  to  the  same  basis.  This  basis  was  used  both  before  and  after  the  occurrence  of  disability 
In  the  case  of  group  insurance  it  was  assumed  that  the  1  year  term  premium  included  sufficient  margin  to  cover  the 
disability  benefits  and  the  reserve  held  for  group  insurance  therefore  provided  for  any  disability  benefits,  except  in  the 
case  of  disabled  lives  where  the  reserve  was  calculated  at  75%  of  the  face  amount  of  insurance  reduced  by  any  disability 
instalment  payments  made  to  date.  All  group  annuity  contracts  in  force  provide  for  disability  benefits  only  m  lieu  ot 
other  benefits,  and  therefore  it  was  unnecessary  to  hold  an  additional  reserve  for  disability  benefits. 

On  policies  with  additional  accidental  death  benefits  the  reserve  for  such  benefits  was  calculated  on  the  1941  CSO 
Table  combined  with  the  1926-33  inter-company  experience  at  a  rate  of  interest  of  3%.  Group  acciden  al  death  benefits 
were  considered  as  part  of  the  accidental  death  and  dismemberment  benefits  and  were  valued  as  accident  and  sickness 
benefits.  . 

Where  claims  arising  from  the  Family  Provider  and  Family  Income  and  Security  Benefits  were  being  paid  in 
instalments,  the  reserve  was  the  present  value  of  future  instalments  calculated  at  an  interest  rate  of  3%  and  was 
referred  to  as  a  reserve  for  Settlement  Annuities. 

The  amount  reported  for  policies  with  decreasing  amount  of  insurance  was  the  actual  sum  insured  for  the  current 


60 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Gerling  Global  Life  (cont'd) 

Statement  of  Actuarial  Liabilities  (cont'd) 

1  lu  re  were  no  other  special  classes  of  policies. 

It  a  kS  felt  that  the  reserves  were  sufficiently  conservative  to  handle  future  expenses  on  paid-up  contracts  and 
limited  payment  contracts.  In  the  case  of  group  annuities  where  there  is  a  continual  purchasing  of  additional  units 
Of  paid  up  insurance,  the  bulk  oi  future  expenses  represents  the  handling  of  additional  units  and  it  is  anticipated 
th  ,'•  ,  ,e  a  I  liti  >nal  small  cost  oi  handling  the  present  annuities  in  force  can  be  included  in  the  premium  tor  future 
additional  units. 

1  here  were  no  benefits  in  excess  of  the  reserve  granted  under  any  contracts. 

eserves  were  held  for  any  amount  in  excess  of  cash  value  which  may  be  allowed  upon  reinstatement  of  lapsed 
policies.  .  . 

1  and  5  J  eai  renewable  term  contracts  were  valued  as  10  year  term  contracts,  the  extra  reserve  so  required  being 
considered  sufficient  to  cover  the  option  of  renewal. 

h  w  1 9  felt  that  the  reserves  for  convertible  term  policies  were  sufficiently  conservative  to  provide  for  the  option 
of  conversion  In  the  case  of  group  insurance,  it  was  assumed  that  the  1  year  term  premium  included  sufficient  margin 
conve!  ion  privilege  and  that  reserve  held  for  group  insurance  therefore  provided  for  any  conversion 

benefits. 

\  special  contingency  reserve  of  $200,000  was  held  for  immediate  payment  of  claims. 


Allocation  of  Surplus 

Description  of  Methods  used  to  apportion  surplus. 

i  seal  year  U>73  Dividends  of  $225,000  were  apportioned  to  shareholders  as  follows: 
SG0.000  on  non-voting  class  "A"  representing  a  rate  of  6%; 

815,000  on  uon-voting  class  "B"  shares  and  $150,000  on  Common  shares  representing  a  rate  of  15%  on  class  "B" 
and  Common  shares. 

Description  of  Methods  used  to  distribute  dividends  to  policyholders: 

Ordinary  Participating  Insurance 

Dividends  were  calculated  by  a  two  factor  modification  of  the  contribution  plan,  the  factors  being: 

The  profit  from  mortality  and  loading.  This  was  calculated  by  deducting  from  the  gross  premium  an  experience 
premium  reflecting  the  following  basic  assumptions: 

Mortality-  1949/1952  Canadian  Association  of  Actuaries'  Ultimate  Mortality  Table  as  graded  by  Global 

I  ife  Insurance  Company,  the  grading  being  designed  so  that  the  Mortality  Rate  increased  with  age  at  all  points 

above  age  12. 

Interest -3^%.  .  i 

Loading  -  A  graded  percentage  of  the  gross  premium  plus  a  constant  per  $1,000,  with  an  additional  constant 
per  SI, 000  for  the  first  year,  these  constants  and  percentages  differing  by  plan. 

This  difference  was  accumulated  at  5M%  interest  for  a  period  of  one  year. 
The  profit  from  interest.  This  was  calculated  as  1M%  of:  the  greater  of  the  termin  al  re  serve  of  t he  P[e^ous 
and  the  cash  value  of  the  previous  year  increased  by  the  premium  and  decreased  by  the  loading  for  the  current  year 
Dividends  to  policyholders  were  95%  of  the  sum  of  the  profits  produced  by  these  two  factors.  No  dividend  is  paid 
at  the  end  o "the "first  pohcy  year  unless  the  policyholder  elects  the  extra  protection  option  to  purchase  a  non-part  ici- 
pating  one  year  term  insurance  addition,  and  instead  the  theoretical  first  year  dividend  is  accumulated  at  5M%  interest 
for  four  years  and  added  to  the  theoretical  fifth  year  dividend. 

Ordinary  Participating  Annuities  .  , 

Dividends  were  calculated  as  profit  for  interest  only  obtained  by  multiplying  the  cash  value .at  the  beginning  of 

the  policy  year  by  the  difference  between  5M%  and  the  rate  of  interest  used  in  calculating  the  cash  values  (2^%). 

Dividends  to  policyholders  were  95%  of  this  profit. 

Xo  dividend  is  paid  at  the  end  of  the  first  policy  year  and  the  theoretical  first  year  dividend  is  calculated  at  a  A  /o 

interest  for  four  years  and  added  to  the  theoretical  fifth  year  dividend. 
There  were  no  quinquennial  dividends  or  deferred  dividend  policies. 

Dividends  were  identical  on  policies  with  or  without  disability  benefits.  Inmost  cases  t hi s  d i V i de nd  ^«  g^P^P 
to  reduce  current  premiums,  or  left  on  deposit  with  the  Company.  However,  where  the  policyholder  so  ele  M  « 
dends  were  converted  into  units  of  paid-up  insurance  additions  maturing  at  the  same  time  as  the  basic  policy  using 
factor  .based  on  the  1941  CSO  Table  of  Mortality  at  a  rate  of  interest  of  2M%  with  no  loading  for  expenses  or  con- 
vertedI  info ^uni?s  of  one  vear  term  insurance  additions  using  factors  based  on  the  1941  CSO  Table  of  Mortality  at  a 
rate  of  interest  of  2%%  and  loaded  50%  to  cover  possible  extra  mortality. 

Group  Insurance 

All  Group  Insurance  was  Non-Participating. 

Accident  and  Sickness 

In  the  ca=e  of  Group  Accident  and  Sickness  Contracts  the  basis  of  reserves  was  as  follows: 

All  Group  Accident  and  Sickness  Insurance  was  sold  on  the  1  year  term  insurance  plan.  The  majority  of  the 
contracts^  monthly  and  falling  due  on  the  first  of  the  "^due^ 

In  the  case  of  other  contracts  the  reserve  held  was  the  premium  which  had  fallen  due  but  which  remained  unearned 
because  the  period  covered  by  the  premium  had  not  elapsed. 

The  reserve  for  contingent  benefits  (maternity  and  others)  was  calculated  as  50%  of  the  total  December  premium 
for  those  £SS wSSdS  extension  of  maternity  benefits  on  termination  of  contract  The .reserve 
not  vet  due  on  claims  was  calculated  as  50%  of  the  total  December  premium.  The  reserve  for  incuned  but  unreported 
"cWe'nt^nd^ickne's3  Sffrn?  andthe  reserve  for  accident  and  sickness  claims  -ported  but  not  paid  were  «. ^aggregate 
raVnlated  as  120%  of  the  December  premiums  in  the  case  of  plans  not  involving  the  major  medical  benefit  and  as 
200%  o tht  December  PVemhtms  in  the  case  of  plans  involving  the  major  medical  benefit.  These  reserves  were  modified 
fn  the  casf of  groups  which  had  been  in  force  less  than  four  months,  being  one 

force  only  one  month,  one  half  of  such  reserves  for  groups  m  force  only  two  months,  grading .up .to full ^eme^o 
groups  in  force  four  months  or  more.  Similarly,  the  reserves  on  terminated  contracts  weie  graded  to  zero  after  nine 
months  These  factors  were  based  on  a  test  of  similar  claims  developing  in  1964  and  incurred  in  19G3. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


61 


Gerling  Global  Life  (cont'd) 


Life  Insurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number 

of 
Policies 

Number 
of  Cer- 
tificates 

Amount 

Number 

Amount 

In  force,  December  31,  1972.  . . 

9,435 
880 
32 

$ 

183,433,932 
24,525,270 
951,856 
7,454 
420,036 

9 
3 

377 
93 
1 

$ 

4,087,000 
809,097 
5,000 

9,444 
883 
32 

S 

187,520,932 
25,334,367 
956,856 
7,454 
1,463,366 

New  bonus  additions  

78 

1,043,330 

Totals  

Less  ceased  by: 

10,347 

209,338,548 

12 

549 

5,944,427 

10,359 

215,282,975 

19 
2 

12 
290 
342 

242,740 
7,200 

307,481 
4,233,109 
8,203,995 

1 

2,000 

19 
2 

12 
290 
342 

244,740 
7,200 

307,481 
4,233,109 
8,203,995 

657,000 
4,096,092 

Withdrawal  

91 

657,000 
57,147 

Decrease  

4,038,945 

Total  ceased  

665 

17,033,470 

92 

716,147 

665 

17,749,617 

In  force,  December  31,  1973.  . . 

9,682 

192,305,078 

12 

457 

5,228,280 

9,694 

197,533,358 

Analysis  of  Amounts  of  Life  Assurance  Effected  and  in  Force 


Classifi- 
cation 

NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

Ordinary.. 
Group. . .  . 

Totals. 

$ 

24,525,270 
809,097 

$ 

186,284,387 
4,990,648 

$ 

138,516,239 
201,000 

$ 

72,293,418 
5,598,745 

$ 

192,305,078 
5,228,280 

$ 

449,996,981 
58,423,024 

$ 

408,874,109 
5,148,760 

$ 

233,427,950 
58,502,544 

25,334,367 

191,275,035 

138,717,239 

77,892,163 

197,533,358 

508,420,005 

414,022,869 

291,930,494 

62 


ANNUAL  REPORT     SUPERINTENDENT  OF  INSURANCE 


Gerllng  Global  Life  (concl'd) 


Annuities  (Cross) 


CLASSIFICATION 

ORDINARY  ANNUITIES 

GROUP  ANNUITIES 

Settle- 
ment 
Annui- 
ties 

Deferred 

Vested 

Deferred 

Vested 

No. 

Annual 
Paymen  i 

No. 

Annual 
Payment 

No.  OF 
Con- 
tracts 

No.  OF 
Certifi- 
cates 

Annual 
Payment 

No. 

Annual 
Payment 

Annual 
Payment 

1\  (•  ciRCE. 

December  31.  1972, . 

1 16 
78 

$ 

193.327 
151.717 

-2,145 

3 
3 

$ 

3.858 
5,002 

24 
2 

221 
31 

18 

% 

629,867 
160,059 

56,458 
64,820 

24 

$ 

19,897 

$ 

New  effected  

Old  Increased: 

1 

257 

Totals  

194 

342.929 

1 
7 

106 
8,966 

26 

270 

911,204 

25 

20,154 

Less  i-easeil  by: 

Death  

1 
7 

495 
5,893 

7,254 

1 

3 

11,405 
27,119 

1 
1 

376 
619 

Total  ceased.  . 

In  force, 

December  31,  1973.. 

Reinsurance 
IN  force, 
December  31.  1973: 

1 

9 

106 
13.748 

1 

2 

20 
1 

24 

68,841 
257 

107,622 

2 

995 

185 

329,181 

7 

8,966 

24 

246 

803,582 

23 

19,159 

83,303 

LIFE  INSURANCE  COMPANIES  FOR  1973 


G3 


INDUSTRIAL  LIFE  INSURANCE  COMPANY 

Head  Office,  Sillery,  Que. 

Officers.  -  Honorary  Chairman  of  the  Board,  G.  Favreau;  Chairman  of  the  Board  J.  L.  Levesque;  President, 
S.  E.  Brock;  Executive  Vice-President,  R.  Begin;  Vice-President  and  Secretary,  St  -G.  Cloutier;  Vice-President  and 
Chief  Actuary,  A.  Langlois;  Vice-Presidents:  A.  Charron,  J.  P.  Pouliot,  C.  Jutras,  M.  Martel,  P.  E.  Reinhard. 

Directors.  -  E.  G.  Ayers,  R.  Begin,  S.  W.  Boyle,  S.  E.  Brock,  C.  F.  Carsley,  A.  Charron,  G.  Favreau,  G.  H.  Hees, 
J.  L.  Levesque,  L.  Masse,  J.  R.  Ouimet,  W.  E.  Rowe,  C.  J.  Jackson. 

Auditors.  -  Samson,  Belair,  Cote,  Lacroix  &  Associates. 

Date  of  Incorporation.  -  1905  as  a  joint  stock  company.  Mutualized  January  1,  1969. 
Date  Commenced  Business  in  Ontario.  -  1946. 

Provinces  in  Which  Licensed.  -  British  Columbia,  New  Brunswick,  Ontario.  Quebec  and  Saskatchewan. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Comparative  Balance  Sheet 

Assets  _  _ 

Current  Prior 
Year  Year 


"Short  term  deposits  and  money  market  securities   *i3_1$p443  114  817  504 

Mortage  loans.::.::::::::::::::::: :::::::::::::: ::::::::::::::   154.643,763  m.ios^o 

Current  Prior 

Real  Estate                                                    $9,810,289         $9,365,520  ,,icim(! 

EncuXances.\\.:: ::::::::::            1:353,445     1.414,494  8,456,844  7,951,026 

Subsidiaries,  associates  and  affiliates   g ,208.635  ^ggg 

CollSer^  '23.600  65,200 


Total  investments   $320,011,778  $276,537,124 

Cash    796,484  946,445 

Investment'  income",  due  and'  accrued   3,748,138  3.221 ,923 

Outstanding  life  insurance  premiums  and  annuity  considerations   7Qi  srn  fiQl'^fiT 

Accident  and  sickness  premiums  due  and  unpaid  •   AovrEl  %r\'r\nr\ 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid   ronnn  „'  T 

Electronic  computer   ,K 

Other   330,502  ~ 

cITRTnTAI    $328,447,622  $283,294,678 

segregated'fundJ^ ::::::::::::::::::::::::::::::::::::::::   3,453,234  3.327,792 

Total  assets   $331,900,856  $286,622,470 


Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force   $263,938,012  $231,448,419 

Aggregate  reserve  for  accident  and  sickness  insurance   Z,66l,mx  i.yia.Mu 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts 

and  including  interest  accumulations   12,369,451  10,921,41b 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in 

the  following  year   qqn  nnn 

Provision  for  group  experience  refund   M22,ob»  vmu.uuu 

Cfip  TOTAI    $282,636,319  $247,588,545 

segregated^indJ^  :::::: :::::::::::::::::::::::: :::::::::   3.453.234  3.327.792 

Sub-total   $286,089,553  $250,916,337 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  for 

unreported  claims   7,194,b.i<5  o,ozs,i<5/ 

Insurance  premiums  and  annuity  considerations  received  in  advance   ^  056*611  160'043 


Dividends  to  policyholders,  due  but  unpaid. 


Other  policy  and  contract  liabilities,  not  included  above   ]6,l'2S!Z  Ion  nnn 

Quinquennial  dividends   410,000  420,000 

Accounts  payable  and  accrued  expenses   i  oincVn  19*  597 

Amounts  received  but  not  yet  allocated   J'SMJolo  i^'ow 

Miscellaneous  liabilities   'oonnon  J'  5 

Provision  for  income  tax   290,000 


7,611,149  6,961,834 
1,596,145 


Employees'  pension  and  insurance  funds  

Premium  allowances  

Total  liabilities   $309,296,528  $266,800,712 

^SEttd    $    4,592,776  $  4.826.033 

Surplus  in  non  par  fund   13,744,584  11,112,360 

Investment  and  contingency  reserve   4,o!3nro  3'I?5'S-r 

Variable  contract  management  account   _______  iM^oz 

Total  equity   $  22,604,328  $  19,821,758 

Total  liabilities  and  equity   $331,900,856  $286,622,470 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Industrial  Life  (cont'd) 


Summary  of  Operations  (including  segregated  funds) 

Current 
Year 

Premiums  and  .umiiitv  considerations                            ..............  .  .  •  •  •  •  •  ■  •  •  •  $  63,402,563 

Contribution  to  employees'  pension  and  insurance  funds,  including  n^j/.ioz  Dy  659  886 

employees    21,604,611 

Ni  i  Investment  income   U7  210 

Not  investment  income    segregated  fund   12*808 

Processing  tees  re:  N.H.A.  agency  loans   120*495 

Variable  contract  inananeine.it  account:  Management  fees   11777 

Realized  g  tin  (loss)  se^re^ated  fund  assets   —16A902 

I'meali/cd  gain  Joss)  segregated  fund  assets  

Total  income   $  85'773'448 

Claims  incut  red  under  insurance  and  annuity  contracts,  other  than  under  settlement  ^  ^  ^ 

annuities  •  •  ■  ■  •  •   '^p'qru 

l'avment  -  from  emplovees'  pension  and  insurance  funds   •  •  •  •  •  •  oo^,jo-± 

.  -u  rease  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation  ^  ^  ^ 

bases)   125442 

Increase  in  segregated  fund  .  .  . .   q«7'v7S 

increase  in  aggregate  reserve  for  accident  and  sickness  insurance   649  315 

Increase  in  employees'  pension  and  insurance  funds   filWnn^i 

Interest  credited  to  amounts  on  deposit  with  the  company   180711 

Interest  on  claims  •  ;  ;   aa^'oio 

ences  and  fees,  excluding  investment  taxes  and  income  tax   oia  P.9Q 

Commissions  on  insurance  premiums  and  annuity  considerations   r  R*nS74 

General  expenses  (excluding  investment  expenses)   —8A81 

Increase  in  premium  allowances    '4 

Total  expenses   $  78,476,619 

Profits  before  gains  or  losses  on  investments,  dividends  to  policy- 

HOLDERS  AND  INCOME  TAX   •  o'cQo'ofin 

Dividends  to  policyholders   2  n8  147 

Group  experience  refund   '  ' 

Profit  before  gains  or  losses  on  investments  and  income  tax   $  2,566,322 

Net  gains  or  losses  on  investments  (other  than  segregated  fund)    415, diU 

Profit  before  income  tax   $  2'cfl'^ 

Income  tax   551'794 

Net  profit   *  2,429,838 


Prior 
Year 
$  51,713,563 

666,034 
18,297,948 
94,761 

-1,378 
14,130 
28,672 

468,002 

$  71,281,732 


$  21,734,922 
302,459 

26,478,708 
775,519 
464,024 
822,493 
533,107 
141,939 
779,672 
4,985,834 
8,239.480 


$  65,258,157 

$ 

6,023,575 

2,298,406 

1,671,008 

$ 

2,054,161 

107,336 

$ 

2,161,497 

5,189 

S 

2,156,308 

Surplus  Account 


Surplus,  at  beginning  of  year: 

In  insurance  and  annuity  funds 


policyholders. 


$  16,071,758 


$  14,102,522 


INCREASES 

Balance  carried  from  summary  of  operations   $  2,429,838 

Decrease  in  advance  to  agents   144  242 

Prior  years  income  tax  refund   • 

Total  increase   •  2.574,080 


$  2,156,308 
62,928 


$  2,219,236 


DECREASES 

Increase  in  investment  and  contingency  reserves   $      2bV^  $  250,000 

Increase  in  advance  to  agents   _«>//q/w   

Increase  in  actuarial  reserves  due  to  changes  in  valuation  basis   ^14,^00 

Total  decrease   »        41,510  S  250,000 

Net  increase   *    2,532,570  8  1.969,236 


Surplus,  at  end  of  year: 

In  insurance  and  annuity  funds  -  policyholders, 


$  18.604,328 


$  16,071,758 


LIFE  INSURANCE  COMPANIES  FOR  1973 


(55 


Industrial  Life  (cont'd) 


Summary  of  Operations 
Accident  and  Sickness 
(Included  in  Summary  of  Operations  —  All  Business) 

$  9,138,960 

Premiums  written   92,217 

Reinsurance  ceded    .  

$  9,046,743 

Increase  in  reserve  for  unearned  premium  at  100%   -^98  778  $  9,349,475 

Increase  in  reserve  for  non-cancellable  policies   ' 

.    S  5,901,997 

Claims  paid  -  net.   ••:   529,116 

Increase  in  provision  for  unpaid  claims   .  •  • ;  •  •   4Q8  g40 

Increase  in  present  value  of  amounts  not  yet  due  on  claims   183  601  7,113,654 

Increase  in  reserve  for  claims  fluctuations    '   

$  2,235,821 

$  187,166 

Commissions   179,954 

Taxes   570,026 

General  expenses   !  395J89  2,332,335 

Group  experience  refunds   '  — 

%  -96,514 

7,769 


Increase  in  reserve  for  contingent  benefits. 
Net  underwriting  profit  (loss) 


■104,283 


EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

ANNUITIES 

Total 

Ordinary 

Group 

Ordinary 

Group 

Partici- 
pating 

Non 
Partici- 
pating 

Non 
Partici- 
pating 

Partici- 
pating 

Non 
Partici- 
pating 

Partici- 
pating 

Non 
Partici- 
pating 

Net  of  Reinsurance  Ceded: 

$ 

213,879 
1,451,656 
13,608,012 

$ 

3,800 

$ 

$ 

$ 

4,991,862 
259,461 
499,340 

$ 

$ 

2,368,728 
389,382 
9,273,528 

$ 

7,578,269 
5,412,814 
41,364,737 

982,462 
9,761,188 

925,168 
6,051,927 

1,404,685 
2,011,385 

159,357 

15,273,547 

10,747,450 

6,977,095 

3,416,070|  5,750,663 

159,357 

12,031,638 

54,355,820 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


Classification 

PARTICI- 
PATING 

NON-PARTICIPATING 

Total 

Ordinary 

Ordinary 

Group 

$ 

570,302,693 
69,357,793 
739,224 
349,487,661 
23,000 

$ 

418,067,584 
5,850,392 
239,381,378 
174,212,404 
2,500 

$ 

6,633,377 

$ 

995,003,654 
75,208,185 
1,131,594,716 
523,700,065 
25,500 

891,474,114 

Temporary  Additions  to  Sums  Assured  

989,910,371 

837,514,258 

898,107,491 

2,725,532,120 

66 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Industrial  Life  (cont'd) 


General  and  Investment  Expenses 
(Including  Segregated  Funds) 


Accident 

AND 

Sickness 


Investment 


RENT 

Head  office  

Branch  office  

Totals  

SALARIES.  WAGES  AND  ALLOWANCES 

Head  office  employees  

Branch  office  employees  

Managers  and  agents  

Directors'  fees  

Advances  to  agents  

Management  fees  -  segregated  funds  

Totals  


CONTRIBUTIONS  TO  EMPLOYEES"  AND 
AGENTS'  WELFARE 

Pension  and  insurance  funds  for  employees  

Unemployment  insurance  

Canada  and  Quebec  pension  plans  

Cafeteria  

Contributions  to  provincial  health  insurance  plans  

Totals  


PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

Auditors'  fees  

Consultant  fees  not  included  above  

Totals  

MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  conventions  

Books  and  periodicals  

Bureau  and  association  dues  

Collection  and  bank  charges  

Commissions  on  mortgages  

Custody  of  securities  

Insurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  

Office  furniture  

Rental  of  equipment,  tabulating  and  miscellaneous  services . 

Travelling  expenses  -  head  office  

-  branch  office  

Miscellaneous  

Totals  

REAL  ESTATE  EXPENSES.  EXCLUDING  TAXES 

Head  office  

Other  properties  

Totals  

Totals  general  expenses  


308,015 
390,286 


698,301 


2,246,268 
861,936 
2,318,043 
2,900 
35,211 


5,464,358 


209,331 
45,135 
77,925 
76,293 
66,051 


474,735 


15,357 
159,488 
134,296 
2,801 
9,742 


321,684 


169,787 
20,694 
17,423 
48,416 
41,543 


9,721 
240,324 
289,573 
105,751 
182,139 
94,443 
63,081 
38,875 


1,321,770 


21,900 
27,750 


36,657 
46,448 


49,650 


83,105 


159,711 
61,284 
164,814 
206 
2,504 


392,032 
74,209 
25,079 
21,844 

"io\675 


388,519 


529,839 


14,883 
3,209 
5,541 
5,424 
4,696 


38,540 
2,700 
8,244 
9,080 
7,861 


33,753 


66,425 


44 
2,760 
430 
199 
693 


4,091 


5,555 
12,000 


4,126 


21,646 


12,072 
1,471 
1,239 
3,442 
2,954 


691 
17,087 
20,589 
7,519 
12,950 
6,715 
4,485 
2,764 


20,207 

500 
800 

4,912 
72,735 
13,507 

1,157 
40,729 
34,462 

6,032 
21,676 
25,754 


93,978 


244,520 


291,719 
519,923 


811,642 


8,280,848 


570,026 


1,757,177 


LIFE  INSURANCE  COMPANIES  FOR  1973 


67 


Industrial  Life  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


69 


Industrial  Life  (cont'd) 


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ANNUAL  REPORT     SUPERINTENDENT  OF  INSURANCE 


Industrial  Life  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


71 


Industrial  Life  (cont'd) 

Summary  of  Reserve 


Participating 

Non- 
Participating 

Total 

Reserve  for  policies  and  contracts  in  force: 

$ 

83,165,397 
12,873,984 

$ 

58,936,170 
116,665,766 

$ 

142,101,567 
129,539,750 

96,039,381 

175,601,936 

271,641,317 

Deduct  reserve  for  reinsured  contracts: 

126,948 

533,596 

660,544 

Deduct  deferred  life  insurance  premiums  and  annuity  considerations 

126,948 

533,596 

660,544 

95,912,433 
4,613,752 

175,068,340 
2,429,009 

270,980,773 
7,042,761 

91,298,681 

172,639,331 

263,938,012 

Statement  of  Actuarial  Liabilities 

Valuation  of  Insurance  Policies 

For  a  large  proportion  of  the  business,  the  same  mortality  table  has  been  used  for  reserves  as  that  employed  in 
determining  guaranteed  values;  where  not  so,  the  table  used  provides  for  reserves  in  excess  of  the  guaranteed  values. 
The  age  at  entry,  which  was  the  same  as  that  used  in  determining  the  premium,  was  taken  as  the  age  nearest  birthday 
at  issue.  All  policies  were  valued  by  the  group  method  with  appropriate  additions  for  immediate  payment  of  claims 
and  non-deduction  of  fractional  premiums. 

The  modification  method  used  is  the  "Canadian  Modified  Method"  with  the  exception  that  the  modification 
period  is  limited  to  the  lesser  of  twenty  years  or  the  premium-paying  period. 

Policies  issued  at  premiums  corresponding  to  ages  higher  than  the  true  ages  were  treated  as  being  on  lives  actually 
at  the  rated  up  ages. 

Policies  subject  to  a  lien  or  contingent  debt  were  valued  in  the  same  manner  as  if  there  were  no  lien  nor  contingent 
debt. 

All  policies  issued  on  substandard  lives  are  either  advanced  in  age,  subject  to  a  lien  or  subject  to  an  extra  premium. 
Policies  are  classified  as  standard  or  as  substandard  as  provided  by  above. 

There  are  no  policies  in  force  which  were  issued  subject  to  a  single  extra  premium  covering  extra  mortality  assumed 
to  be  effective  for  more  than  a  period  of  one  year  from  the  date  of  issue.  For  policies  subject  to  an  annual  extra  premium, 
50%  of  the  total  annual  extra  premium  was  held  as  a  reserve. 

The  following  reserves  were  held  for  disability  benefits: 

(i)  Before  the  occurrence  of  disability,  50%  of  the  total  gross  premiums  received  to  date  is  held  as  a  reserve; 

(ii)  a  fully  paid-up  reserve  is  held  on  disability  claims  providing  for  the  waiver  of  premium  benefit  in  the  industrial 
branch; 

(iii)  in  the  ordinary  branch,  in  addition  to  the  regular  policy  reserve,  a  reserve  is  held  for  the  present  value  of 
premiums  to  be  waived  and  the  monthly  income  payable;  this  reserve  is  calculated  according  to  the  19o4 
Commissioners'  Disability  Table,"  with  interest  at  3%. 
For  the  accidental  death  benefit,  a  reserve  is  held  equal  to  50%  of  the  corresponding  whole  life  annual  double 
indemnity  premium  plus  the  accumulation  at  5%  of  the  excess  premiums  paid  for  double  indemnity  since  date  of  issue 
over  the  corresponding  whole  life  annual  double  indemnity  premiums. 

The  commuted  value  of  the  decreasing  term  benefits  is  included  with  the  items:  "Basic  plans  and  riders." 
For  the  reimbursement  of  premiums  benefit,  a  reserve  is  held  equal  to  75%  of  all  premiums  received  to  date  of 
valuation. 

For  the  waiver  of  premium  benefit  in  the  event  of  disability,  or  death  of  the  nominee,  a  reserve  has  been  set  up 
amounting  to  50%  of  the  gross  premiums  received  during  the  year. 

For  the  guaranteed  insurability  benefit,  a  reserve  has  been  set  up  amounting  to  the  gross  premium  multiplied  by 
the  duration  less  one  half  year. 

Valuation  of  Annuity  Contracts 

For  vested  ordinary  and  group  annuities,  the  exact  age  and  the  exact  guaranteed  period  are  used  for  calculating 
the  reserve;  a  five-year  age  set  back  is  used  for  women  for  ordinary  business. 

For  deferred  ordinary  and  group  annuities,  the  method  for  calculating  the  reserve  is  the  net  level  premium  reserve; 
also  the  deferred  premiums  are  valued  according  to  the  valuation  net  premium. 

Special  Reserves 

No  special  reserves  are  held  to  cover  future  expenses  for  limited  payment  and  single  premium  insurance  or  annuity 
contracts.  It  is  assumed  that  these  expenses  will  be  met  from  excess  interest  earnings. 
No  benefits  are  granted  which  are  in  excess  of  the  reserve  held. 

Reserves  of  $72,555  are  held  for  policies  lapsed  which  may  be  reinstated  in  the  future. 
No  special  reserves  are  held  for  the  renewal  of  term  policies. 

No  special  reserves  are  held  to  cover  the  option  of  conversion  to  a  higher  premium  policy. 


A.L  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Industrial  Life  (cont'd) 

Allocation  of  Surplus 

1  t     Insurance,  Ordinary  Business 

Policies  issued  ?rwr  to  November  IS,  1061:  Annual  Dividends 

rhe  formula  for  distribution  of  policy  dividends  under  Ordinary  policies  and  on  Ordinary  plans  of  insurance 
Included  In  the  Industrial  Branch  is  as  follows: 

Foj  Preferred  and  Anniversary  series: 

Annual  Dividend  -  (%P'  —  p°  —  C  —  K)  1.0525  +  .0225  IV  . 

>;,.):'  M  ;  \t  .u  and  increases  regularly  by  duration  to  93.5%  in  the  20th  and  subsequent 

years. 

1"       is  the  gross  premium.  „    ,  ,  , 

in  based  on  a  mortality  table  reflecting  recent  mortality  experienced  by 

the  Company  and  with  interest  at  3%. 
C  \ .  :  \  :nt:  by  size  of  policy  within  a  dividend  classification  and  by  duration. 

K  rgi  to  provi  le  For  an  expense  of  $0.80  per  year  after  limited  pay  life  policies  become  paid-up. 

[V  esen    modified  (Canadian  method)  according  to  the  A  1924-29  Table  with  interest  at 

3%. 

For  Canadian  and  Superior  series,  annual  dividends  are  determined  by  the  above  formula  in  which,  however: 
pe       is  calculated  with  interest  at  3J4%. 
.0175  is  the  rate  of  excess  interest  applied  to  IV. 

IV       is  thi  :i  v  e  modified  (Canadian  method)  according  to  the  A  1924-29  Table  with  interest  at 

3M%. 
Ouinquennial  Dividends 

letermined  by  the  above  formula  as  adjusted  for  Canadian  and  Superior  series  are  accum- 
ulated with  interest  at  5,1.1%  to  the  end  of  each  quinquennium. 

For  conversion  to  bonus  additions,  net  single  premiums  according  to  the  C  1949-52  Table  with  interest  at  3H% 

are  used. 

Policies  issued  on  and  after  November  13,  1961:  Annual  Dividends 

The  formula  for  distribution  of  policy  dividends  under  Ordinary  policies  and  on  Ordinary  plans  of  insurance  in- 
cluded in  the  Industrial  Branch  is  as  follows: 

Annual  Dividend  =  (%P'  —  pe  _  C  —  K)  1.0525  -f-  .0225  IV 

where:  %       is  85.425%  in  the  first  year  and  increases  regularly  by  duration  to  93.5%  in  the  20th  and  subsequent 

years. 

P'        is  the  gross  oremium.  ,.  ,  , 

pe       is  an  experience  net  premium  based  on  a  mortality  table  reflecting  recent  mortality  experienced  by 

the  Company  and  with  interest  at  3%.  ,  ,  , 

C        is  a  fiat  charge  varying  by  size  of  policy  within  a  dividend  classification  and  by  duration. 
K        is  a  charge  to  provide  for  an  expense  of  $0.80  per  year  after  limited  pay  life  policies  become  paid-up. 
[V       is  the  initial  reserve  modified  (Canadian  method)  according  to  the  C  1949-52  Table  with  interest  at 

3%. 

For  Whole  Life  and  Perma  Term  policies  issued  on  and  after  October  14,  1969,  annual  dividends  are  determined  by 
the  above  formula  in  which,  however: 

pe       is  the  net  premium  according  to  the  C  49-52  Table  with  interest  at  3%. 
C        is  a  flat  charge  varying  by  size  of  policy  and  by  age  at  issue. 

Quinquennial  Dividends 

Annual  dividends  are  determined  by  the  above  formula  in  which,  however: 
%        is  always  90%.  ^  ^  ^ 

IV       is  thermal  reserv?  modified  ^Canadian  method)  according  to  the  C  1949-52  Table  with  interest  at 

33^%. 

.0175  is  the  rate  of  excess  interest  applied  to  IV. 

The  resulting  annual  dividends  are  accumulated  with  interest  at  5M%  to  the  end  of  each  quinquennium. 

For  this  quinquennial  dividend  business,  an  additional  dividend  is  payable  in  the  event  of  termination  by  death  and 
is  equal  to  1.5%  of  the  amount  of  insurance  for  each  two  years  that  the  policy  has  been  m  force. 

For  conversion  to  bonus  additions,  net  single  premiums  according  to  the  C  1949-52  Table  with  interest  at  3^% 
are  used. 

Life  Insurance,  Industrial  Business 

In  the  Industrial  Branch,  for  policies  other  than  those  mentioned  hereabove,  dividends  are  payable  at  the  term- 
ination of  the  policy  by  maturity,  or  by  death,  providing  the  policy  has  been  in  force  at  least  two  years.  Dividends  are 
payable  as  percentages  of  the  amount  of  insurance  varying  according  to  the  number  of  years  for  which  premiums  have 
been  paid.  The  maximum  percentage  is  1.5%  for  each  two  years  for  which  premiums  have  been  paid. 

Ordinary  Annuities 

For  Optional  Retirement  Annuity  policies,  the  formula  for  distribution  of  policy  dividends  is  as  follows: 
Annual  Dividend  =  (P'  -  P  -  E)  1.0525  -f-  .0225  IV 
where:  P'       is  the  gross  premium. 

P    i    is  the  net  premium  with  interest  at  3%. 

E        is  an  expense  charge  varying  by  duration. 

IV  is  the  initial  reserve. 

For  ECO  policies,  the  formula  for  distribution  of  policy  dividends  is  as  follows: 
Annual  Dividend  =  (tF  -  tVR)  -  Ct-lF  -  t-lVR)  (1.06) 

*  here.  tp       is  the  gj^gjg^  at  the  end  of  poiiCy-year  t.  of  the  net  premium  with  interest  at  6%. 

tVR    is  the  cash  value  at  the  end  of  policy-year  t. 

Group  Annuities 

The  formula  for  distribution  of  policy  dividends  is  as  follows: 

w^%  iVid!f70id°uln[g%thVei7t  £?y£u?aad  increases  by  2%  for  each  subsequent  year  up  to  95%. 

V  is  the  mean  reserve  according  to  the  A  1949  Table  with  interest  at  3M%- 


LIFE  INSURANCE  COMPANIES  FOR  1973 


73 


Industrial  Life  (cont'd) 

i         is  the  adjusted  average  rate  of  return  earned  by  the  Company  on  all  of  its  assets  during  the  previous 
year. 

S        is  the  difference  between  the  expenses  assumed  in  the  calculation  of  the  gross  premium  and  the  ex- 
penses incurred. 

General 

No  dividends  have  been  converted  into  premium  reductions.  No  dividends  have  been  used  to  reduce  the  premium 
payment  term  or  the  endowment  term.  No  distinction  has  been  made  in  the  distribution  of  dividends  as  between  con- 
tracts containing  disability  and  those  without  such  benefit. 


Accident  and  Sickness  Insurance 

Aggregate  Reserve 

Ordinary  Business  -  The  unearned  premium  reserve  is  determined  as  being  one  half  of  the  modal  premiums  in  force. 

The  present  value  of  amounts  not  yet  due  on  claims  is  determined  by  a  review  of  all  outstanding  claims  and  adding 
the  probable  maximum  payments  to  be  made  with  respect  to  each  such  claim. 

Group  Business  -  The  unearned  premium  reserve  is  determined  according  to  the  unexpired  term  until  the  next 
premium  due  date  for  each  contract.  (Most  of  the  contracts  are  on  a  monthly  premium  basis  and  a  large  proportion 
are  payable  on  the  first  day  of  the  month). 

The  present  value  of  amounts  not  yet  due  on  claims  is  determined  by  a  review  of  past  experience  and  according 
to  the  "1964  Commissioners'  Disability  Table"  with  interest  at  3%. 

The  reserve  for  contingent  benefits  (maternity)  is  determined  by  a  review  of  past  experience  relative  to  those 
contracts  where  the  maternity  benefit  is  a  deferred  benefit. 

The  reserve  for  claims  fluctuation  is  a  special  reserve  against  unforeseen  circumstances  which  could  produce 
unusual  losses. 


Life  Insurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number  of 
Policies 

Number  of 
Certificates 

Amount 

Number  of 
Policies 

Amount 

In  Force, 

Dec.  31,  1972 
New  effected . . . 
Old  revived .... 
New  bonus 

additions. . .  . 
Old  increased.  . 
Recovered  from 

disability .... 

Totals  

Less  ceased  by: 
Death  

309,305 
24,127 
360 

$ 

1,593,075,709 
298,468,243 
15,495,779 

66,848 
8,973,535 

575 
73 

230,226 
13,175 
772 

$ 

748,333,715 
55,714,913 
4,006,500 

309,880 
24,200 
360 

$ 

2,341,410,424 
354,183,156 
19,502,279 

66,848 
252,300,217 

73,500 

55,845 
14 

243,326,682 
73,500 

333,792 

1,916,081,114 

648 

300,032 

1,051,455,310 

334,440 

2,967,536,424 

1,711 
1,366 

6,254,619 

2,874 

4,439,546 

1,711 
1,366 

10,694,165 
1,167,545 
136,000 
1,888,587 
20,414,599 
134,991,805 
64,348,773 
8,362,830 

Maturity. .  .  . 
Disability. . . . 

Expiry  

Surrender  

Lapse  

Withdrawal. . 

1,167,545 

16 

136,000 

504 
10,183 
6,957 

1,888,587 
20,414,599 
50,568,305 

504 
10,183 
7,032 

75 

23,507 
12,958 

84,423,500 
64,348,773 

8,362,830 

Total 
Ceased . . . 

In  Force, 
Dec.  31,  1973 

20,721 

88,656,485 

75 

39,355 

153,347,819 

20,796 

242,004,304 

313,071 

1,827,424,629 

573 

260,677 

898,107,491 

313,644 

2,725,532,120 

Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


Classifi- 
cation 

NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

Ordinary  

Group  

$ 

295,777,151 
55,714,913 

$ 

2,691,092 

$ 

17,506,223 

$ 

280,962,020 
55,714,913 

$ 

1.793.738.309 
898,107,491 

$ 

33,686,320 

$ 

92,427,098 
1,173,375 

$ 

1,734,997,531 
896,934,116 

Totals.  . . 

351,492,064 

2,691,092 

17,506,223 

336,676.933 

2,691,845,800 

33,686,320 

93,600,473 

2,631,931,647 

74 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Industrial  Life  (cont'd) 


Annuities  (Cross) 


Classification 

ORDINARY  ANNUITIES 

GROUP  ANNUITIES 

Deferred 

Vested 

Deferred 

Vested 

No. 

Annual 
Payment 

No. 

Annual 
Payment 

No.  OF 
Con- 
tracts 

No.  of 
Certi- 
ficates 

Annual 
Payment 

No.  OF 
Cer- 
tifi- 
cates 

Annual 
Payment 

In  force 

lkvember31,  1972  

Now  effected  

7,339 
6,6 11 
189 

$ 

9.432,858 
7.482,982 
40,352 

234 
100 

$ 

368,948 
164,667 

601 
39 

17,427 
2,129 
2,154 

$ 

15,661,177 
725,822 
284,605 
1,017,976 

1,555 

$ 

1,697,006 

Other  increases  

387 

12 

5,107 
22,453 

268 

300,074 

Total  

14,139 

16.956,579 

346 

561,175 

640 

21,710 

17,689,580 

1,823 

1,997,080 

Less  ceased  by: 

Surrender  

32 
65 
573 
1,066 

25,804 
80.093 
625,222 
1,070,189 
376.181 

424 

3 

80 
18 

64,184 
1,616 

395,770 

61 

9 

141 

59,353 
4,224 

193,164 

Withdrawal  

Other  

Total  ceased. . 

In  force 

December  31,  1973.  .  .  . 

12 
1.748 

22,453 
2,199,942 

1 
1 

780 
1,204 

3 

1,958 
268 

2,324 

300,074 
761,644 

211 

256,741 

12,391 

14,756,637 

345 

559,971 

637 

19,386 

16,927,936 

1,612 

1 ,740,339 

Statement  of  Business  in  Respect  of  Which  Reserves  Vary  Depending  Upon 
the  Market  Value  of  Specified  Groups  of  Assets  (Segregated  Funds) 

Assets  (at  Market  Values  December  31,  1973)  ^  Funds 

Total 
$  243,205 

Bonds   126,600 

Stocks,  preferred   2  566,928 

Stocks,  common   505,000 

Short-term  investment   —6,^92 

Cash  .  \\  17',993 

Investment  income  due  and  accrued   

$3,453,234 

Total     .... 


Liabilities 

Funds  held  for  the  benefit  of  policyholders:  $3,453,234 

actuarial  reserve    !  

$3,453,234 

Total  funds   - 


Reconciliation  of  Funds 

$3,327,792 

Funds  at  beginning  of  year   —85,915 

Net  balance  of  investment  operations  and  expenses   161,357 

Net  transfers  re  policyholders'  benefits    !  

.   .  .  $3,453,234 

Funds  at  end  of  year   - 


Investment  Operations  and  Expenses 

Income 

$  11,745 

Interest  on  bonds     86,489 

Dividends  on  stocks   30,148 

Interest  on  short  term  investment    . — 

  $  134,382 

Total  income    


LIFE  INSURANCE  COMPANIES  FOR  1973 


75 


Industrial  Life  (concl'd) 

Investment  Operations  and  Expenses  (cont'd) 

All  Funds 
Total 

NFT  PROFIT  ON  SALE  OF  INVESTMENTS  (excess  of  proceeds  over  market  value  at  beginning  of 

vear  or  at  date  of  purchase  during  year) :  _ 

Gain  or  loss  (-)  on  stocks   »  Ll'Ui 

Total   *  n'777 

UNREALIZED  APPRECIATION  IN  VALUE  OF  ASSETS  (change  in  market  values  since  beginning 

of  year  or  at  date  of  purchase  during  year):  _9_ 

Appreciation  or  depreciation  (-)  on  bonds   _7?n'%% 

Appreciation  or  depreciation  (-)  on  stocks   ______ 

Total  unrealized  appreciation  or  depreciation  ( — )   S— 164,902 

Total  capital  gain  or  loss  ( -  )   $-153,125 

Expenses 

Management  fees   $     16 S 

Custody  of  securities   _ 

Total  expenses   $  17,172 

Net  balance  carried  to  reconciliation  of  funds   *  -85,915 


Amounts  Transferred  Re  Policyholders'  Benefits 

Transfers  and  payments  into  funds:  $ 
Premium  allocations  


320,526 


Total   »  32Q'526 

Transfers  and  payments  from  funds:  .„ 

Death  Claims   *      g  Jfjj 

Annuity  payments   1  . 1  \  Q7 

Surrenders  •  •  •  •  •   aita 

Transfers  and  payments  to  or  from  (-)  other  funds  in  respect  of  mortality   ».o»o 

TOTAL   $  159'169 

NET  TRANSFERS  AND  PAYMENTS   $  161,357 


Bases  of  Valuation 

Deferred  Annuities  -  Accumulation,  net  investment  income  and  capital  gains  (losses)  -  Reserve  amount:  $3,389,, 
Vested  Annuities    -  Progressive  Annuity  Table  with  interest  at  4%  per  annum  -  Reserve  amount:  $57,582. 

-  GA  1951  Table  (Projection  C)  with  interest  at  4%  per  annum  -  Reserve  amount:  $6,139. 


Basis  of  Guarantee  of  Variable  Annuity  Rates 

Individual  -  Progressive  Annuity  Table  with  interest  at  4%  per  annum  plus  loading  of  2%,  applicable  to 

$299,865,  deferred  annuities  and  $6,984,  vested  annuities. 
Group  -One  contract  on  same  basis  as  individual,  applicable  to  $50,598.  All  other  contracts  in  which 

guarantees  apply  are  GA  1951  Table  (Protection  C)  with  interest  at  4%  per  annum,  applicable 

to  $2,134,099. 


Statement  of  Unit  Values 


Fund 

Net  Asset 

UNIT  VALUE 

January  1,  1973 

December  31,  1973 

January 
1,  1973 

December 
31,  1973 

Accumulation 
Units 

Annuity 
Units 

Accumulation 
Units 

Annuity 
Units 

Variable  contract 

account  

Grayron  Variable  

$ 

3,105,915 
221,877 

$ 

3.224,665 
228,569 

$ 

13.92 
26.04 

$ 

17.33 
16.64 

$ 

13.71 
27.27 

$ 

16.41 
17.45 

Total  assets.  . 

3,327,792 

3,453,234 

ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


THE  LAI  RENTIAN  MUTUAL  ASSURANCE  COMPANY 

Head  Office,  Quebec,  Que. 

lU  of  the  Board,  J.  V  Tardif;  President,  J-M.  Poitras;  Executive  Vice-President,  G.  Hamel; 
v  i»',i.u.,s  l H\i  nit  ! .  R.  lviU  tier;  Comptroller,  G.  Baril;  Secretary,  L.  lardii. 
-  .      .       i   |    Carette  P.  Champoux,  C.  Hamel,  R.  Laflamme,  H.  F.  Methot,  M.  Normandin,  J-M.  Poitras, 

p   tei   i    •  Tardif,  C.  Blais,  J.  Boiteau,  J.  Lemieux,  G.  Perreault. 
Auditors.  -  Boulanger,  Fortler,  Rondeau  &  Cie. 

Oat*  •  '  In  OfporatiOH.     L988.  Commenced  Business  in  Ontario.  -  1945. 

kit  •':  I  !.  c»5f</.  -  New  Brunswick,  Ontario  and  Quebec. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


Comparative  Balance  Sheet 


Current 
Year 

Investments:  .  .  «  — 

Short  term  deposits  and  money  market  securities   *      ^  g94 

B°nfs 7,'l  17,396 
Stocks  


Mortgage  loans  

Current  Prior 
Real  Folate   ••••    $  5,706,443  $  5,652,472 

KmtSJ^::::: :::::::::   307,613  335,276 

2  889  323 

Subsidiaries,  associates  and  affiliates   4  411  545 

Policy  loans   '  ' 


Total  investments. 


Cash  

Investment  income,  due  and  accrued  

Outstanding  life  insurance  premiums  and  annuity  considerations  

Accident  and  sickness  premiums  due  and  unpaid  , 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid. 
Miscellaneous  accounts  receivable  


Sub-total. 
Sigregated  funds. .  . 


Total  assets. 


26,669,336 


5,398,830 


$69,899,324 

658,711 
894,537 
495,687 
357,805 
5,000 
271,602 


$72, 


582,666 
302,515 


$72,885,181 


Prior 
Year 

I  873,797 
22,694,879 
6,594,033 
19,364,189 


5,317,196 

2,882,873 
4,306,093 

$62,033,060 

343,184 
788,710 
436,179 
230,415 
31,000 
204,566 

$64,067,114 
304,339 

$64,371,453 


Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force   ^i'S'tS  $48'939  286 

Aggregate  reserve  for  accident  and  sickness  insurance  .  .•  •  •  •  •  •  i,i0  ' 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts  g  ^  ^ 

and  including  interest  accumulations  . .   : :  • : ;  ^'y'> 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in  the  ^  ^  550,000 

following  year                       .  .   121,676  118,000 

Provision  tor  group  experience  refund    '   

....  $59,576,904  $52,919,185 

,  Sub-total  302,515  304,339 

Segregated  funds     

Sub-total   $59,879,419  $53,223,524 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  for  ^  i  g76j453 

unreported  claims  •.■'jV"j '  ii'ci24  '  11117 

Insurance  premiums  and  annuity  considerations  received  in  advance   50319  11  996 

Dividends  to  policyholders,  due  but  unpaid   598'690  862*878 

Accounts  payable  and  accrued  expenses   -  85o'ooO  -  ' 

Bank  overdrafts  and  borrowed  money   •  gn'ygQ  99,624 

Amounts  received  but  not  yet  allocated   143*718  129*542 

Outstanding  premium  balances  due  reinsurers   979*164  929,256 

Other  liabilities   24*232  24*232 

Provision  for  income  tax   ,  773*750  1  600,007 

Employees'  pension  and  insurance  funds   '    w  ' 

Total  liabilities   $67,115,067  $58,768,629 

Policyholders'  equity:  $  2,898,953  $  2,758,804 

Surplus  in  par  fund. . .   *  l'S7l  161  1,344,020 

Surplus  in  non  par  funa  660*000  660,000 

Investment  reserve  par  fund   330*000  330,000 

Other  special  reserve  par  fund.    340*000  340,000 

Investment  reserve  non  par  fund   170'000  170  000 

Other  special  reserves  non  par  fund    '   .  

Total  equity   »  «  5-602'82" 

Total  liabilities  and  equity   »72,885.181  «4£7W53 


LIFE  INSURANCE  COMPANIES  FOR  1973 


77 


The  Laurentian  Mutual  (cont'd) 


Summary  of  Operations  (including  segregated  funds) 


$14,118,411 
112,047 
174,243 
4,133,896 
14,392 
11,798 
-40,781 
-1,686 

$12,953,149 
105,486 
185,814 
3,517,974 
12,662 
10,225 
6,339 
-1,602 

$18,522,321 

$16,790,047 

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement 

annuities  

Payments  under  settlement  annuities 

Normal  increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation 
Interest  on  claims 

General  expenses  (excluding  investment  expenses) 

Other  

$  6,286,780 
52,559 
91,855 

5  483  441 
6J85 
522,500 
173,755 
140,815 
24,832 
265',493 
1,493,818 
3,017,670 
-650 

$  6,330,439 
46,559 
127,979 

4  210  427 
41 ',982 
406.943 
141,220 
121,778 
45,599 
248,651 
1,373,246 
2,807,496 
-2,862 

Total  expenses 

$17,559,653 

$15,899,457 

Profits  before  gains  or  losses  on  investments,  dividends  to  policyholders  and  income  tax 

$  962,668 
601,337 
168,373 

$ 

890,590 
531,899 
191,773 

Profit  before  gains  or  losses  on  investments  and  income  tax  

$  192,958 
488,182 

$ 

166,918 
264,350 

Profit  before  income  tax  

$  681,140 

-14,735 

$ 

431,268 
3,946 

Net  profit  

$  695,875 

$ 

427,322 

Surplus  Account 

Surplus,  at  beginning  of  year: 

In  insurance  and  annuity  funds  -  policyholders  

$  4,102,824 

$ 

3,723,042 

INCREASES 

$  695,875 
409,935 

$ 

427,322 
403,773 

Total  increase  

$  1,105,810 

$ 

831,095 

DECREASES 

Foreign  exchange  adjustment  

Devaluation  of  property  

Other  decreases  

Incrc3.sc  in  3ctU3.ri3l  reserves  due  to  chsnjjjcs  in  v3.lu3.tion  b3.sis 

To  record  transfer  to  segregated  fund  

$  -1,617 
440,137 

300  000 

200,000 

$ 

10,077 
70,000 
409,935 
-38,699 

Total  decrease  

$  938,520 

$ 

451,313 

Net  increase  

$  167,290 

$ 

379.782 

Surplus,  at  end  of  year: 

$  4,270,114 

$  4,102,824 

I 


AN  MAI.  REPORT —  SUPERINTENDENT  OF  INSURANCE 


The  1  aureutian  Mutual  (cont'd) 

Summary  of  Operations 
Accident  and  Sickness 
(Included  in  Summary  of  Operations— All  Business) 

$  3,282,093 

Premium  Written   211,484 

Reinsurance  Ceded   _  

$  3,070,609 
2,679 

Increase  in  Reserve   473,764         $  2,594,166 

Increase  in  reserve  for  Unearned  Premiums    

..  $  2,112,355 

Claims  Paid— Net    .................  ••   42,372 

Increase  m  Pi  .vision  toi  I  npaid  (  launs  .  .   -R  lis  2,149.614 

Increase  in  Present  Value  of  Amounts  not  Due  on  Claims    >   _  

%  444.552 

.    .  $  91,228 

(.  omnnssions   gg  igg 

Taxes....     458^48 

General  Experience   —2  210 

Dividends  to  Policyholders                                                                      83  324  695,786 

Group  experience  refund    '  

%  -851,284 

„      .                                                                                  .   .  51.170 

Increase  in  Reserve  for  Contingent  Benefits   _  

,.     N    %  -302,404 

Net  underwriting  profit  (loss)   — 


EXHIBITS 


Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  INSURANCE 

ANNUITIES 

Total 

Ordinary 

Group 

Ordinary 

Group 

Partici- 
pating 

Non- 
Partici- 
pating 

Partici- 
pating 

Non- 
Partici- 
pating 

Partici- 
pating 

Non- 
Partici- 
pating 

Partici- 
pating 

Non- 
Partici- 
pating 

Net  of  Reinsur- 
ance Ceded: 
Single  

$ 

57.322 
466.221 
4,021,976 

$ 

$ 

$ 

$ 

331,073 
357,193 
220,552 

$ 

276,667 

$ 

$ 

8,320 
103,882 
723,158 

673,382 
1,378,274 
8,996,146 

Renewal  

441,781 
3,201,374 

9,197 
729,733 

57,245 

42,108 

Totals  

4,545,519 

3,643,155 

738,930 

57.245 

908,818 

276,667 

42,108 

835,360 

11,047,802 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


PARTICIPATING 

NON-PARTICIPATING 

Total 

Classification 

Ordinary 

Group 

Ordinary 

Group 

$ 

162,334,810 
40,884,063 
4,500 
31,007.625 
9.092,111 

$ 

$ 

154,036,695 
1,325,281 

129,178,215 
22,347,470 
6,083,000 

$ 

$ 

316,371,505 
42,209,344 

331,942,924 
53,355,095 
15,175,111 

193,667,949 

9,092,260 

Temporary  Additions  to  Sums  Assured  

243,323,109 

193,667,949 

312,970,661 

9,092,260 

759,053,979 

LIFE  INSURANCE  COMPANIES  FOR  1973 


79 


The  Laurentian  Mutual  (cont'd) 


General  and  Investment  Expenses 
(Including  Segregated  Funds) 


Life 


Accident 

and 
Sickness 


Investment 


RENT 

Head  office  

Branch  office  

Total  

SALARIES.  WAGES  AND  ALLOWANCES 

Head  office  employees  

Branch  office  employees  

Managers  and  agents  

Directors'  fees  

Advances  to  agents  

Other  

Total  

CONTRIBUTIONS  TO  EMPLOYEES  AND 
AGENTS'  WELFARE 

Pension  and  insurance  funds  for  employees  

Pension  and  insurance  funds  for  agents  

Unemployment  insurance  

Canada  and  Quebec  Pension  Plans  

Cafeteria  

Contributions  to  provincial  health  insurance  plans  

Total  

PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

Auditors'  fees  

Consultant  fees  not  included  above  

Total  

MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  conventions  

Books  and  periodicals  

Bureau  and  association  dues  

Collection  and  bank  charges  

Custody  of  securities  

Insurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  

Office  furniture  

Rental  of  equipment,  tabulating  and  miscellaneous  services. 

Travelling  expenses,  head  office  

Travelling  expenses,  branch  office  

Other  

Total  

REAL  ESTATE  EXPENSES.  EXCLUDING  TAXES 

Heating,  lighting,  etc  

Total  

Total  general  expenses  


174,859 
72,571 


247,430 


910,818 
124,667 
256,988 
22,791 
65,884 
17.765 


1,398,913 


80,087 
35,637 
17,675 
20,894 
36,796 
16,582 


207,671 


6,686 
33.034 
46,572 

5,475 
24,682 


116,449 


70,518 
39.730 

2.851 
13,263 

2,111 

5\052 
70,295 
107,725 
38,315 
87,374 
72,517 
28,476 
50,732 


588,959 


2,559,422 


31,826 
4.621 


17,927 


36,447 


17,927 


186,502 
7,576 
21,834 
3.747 

'"36\440 


138,750 


4,683 


256,099 


143.433 


16,531 

2,390 
5,840 
1.874 


13.254 

'  L041 
1,167 
2,411 
1,279 


28,854 


19.152 


1.099 
6,595 
5.404 
900 
21,400 


1.373 
319 
1,071 
1,125 
807 


35,398 


4,695 


1,969 


469 
2,182 


586 
2,726 


830 
27,883 
21,734 
7,707 
10,798 
21.912 
6,685 
-719 


11,129 
1,038 
8,697 
7,293 
3,611 

i6j672 

-'64,994 


101,450 


406,752 


406,752 


458,248 


572,717 


so 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Laurent  ian  Mutual  (cont'd'* 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


81 


The  Laurentian  Mutual  (cont'd) 


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AN  M  AI.  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  I  BUrentian  Mutual  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


83 


The  Laurentian  Mutual  (cont'd) 


Summary  of  Reserve 


Participating 

Non- 
participating 

Total 

Reserve  for  policies  and  contracts  in  force: 

$ 

33,692,135 
1,796,120 

$ 

16,047,101 
5,889,580 

$ 

49,739,236 
7,685,700 

35,488,255 

21,936,681 

57,424,936 

Deduct  reserve  for  reinsured  contracts: 

814,464 

264,972 

1,079,436 

814,464 

264,972 

1,079,436 

Deduct  deferred  life  insurance  premiums  and  annuity  considerations 

34,673,791 

con  roa 

21,671,709 

con 

56,345,500 
1  041,141 

34,153,167 
6,274 

21,151,192 
40,111 

55,304,359 
46,385 

Add  reserve  for  contracts  reinsured  with  unregistered  companies. . 

34,159,441 

21,191,303 

55,350,744 
754,556 

Balance  of  adjustment  to  actuarial  reserves  as  a  result  of  change  in 

54,596,188 

Net  reserve  carried  in  liabilities  

Valuation  of  Insurance  Policies  and  Annuity  Contracts 

Individual  Contracts 

Contracts  have  been  grouped  by  plan  of  insurance,  year  of  issue  and  age  at  issue;  all  mean  reserves  have  been 
computed  using  the  following  formula:  . 
The  reserves  have  been  adjusted  for  the  payment  of  the  amount  of  insurance  at  the  moment  of  death  and,  for  policies 
with  fractional  premiums,  for  the  loss  of  premium  in  the  year  of  death. 

The  deferred  premiums  deducted  from  the  mathematical  reserve  have  been  obtained  using  the  modified  net  premiums 
and  assuming  a  uniform  distribution  of  issues  during  the  calendar  year,  which  is  the  same  assumption  underlying  the 
mean  reserve  formula. 

The  Laurentian  Mutual 

Policies  issued  before  February  1,  1970:  the  Canadian  method  of  modification  has  been  applied  in  valuing  these 
policies.  Regular  plans  (participating  or  non-participating),  with  guaranteed  values,  issued  from  1945  to  iyo»  in- 
clusive, have  been  valued  at  3H%. 

All  other  regular  plans  (life,  endowment  or  term)  have  been  valued  at  3%. 

Policies  issued  since  February  1,  1970: 

All  policies  have  been  valued  on  1958  CSO  and  an  interest  rate  of  the  Canadian  method  of  modification 

has  been  used. 

Joint  Lives  (husband  and  wife): 

Six  whole  life  policies,  representing  $6,000.00  of  insurance  in  force,  are  valued  multiplying  by  1.4  the  reserve 
which  would  be  obtained  should  the  husband  be  the  one  insured. 

Three  20  payments  whole  life  policies,  representing  $3,000.00  of  insurance  in  force,  are  valued  multiplying  by  1.35 
the  reserve  which  would  be  obtained  should  the  husband  be  the  one  insured. 

"University"  Policies  {Term): 

"University"  term  policies  are  valued  by  using  a  constant  reserve  factor  equal  to  $1.14  a  thousand  of  insurance. 
In  computing  the  deferred  premiums,  a  modification  net  premium  of  $2.28  a  thousand  of  insurance  is  assumed. 

Variable  policies: 

Whole  life  policies  with  variable  option  are  valued  on  1958  CSO  mortality  table,  with  3}4%  of  interest,  using  the 
Canadian  method  of  modification. 

Annuities: 

Single  premium  participating  deferred  annuity,  and  paid-up  annuity: 
The  reserve  is  equal  to  the  value  at  maturity  discounted  at  4%. 
Single  premium  non-participating  deferred  annuity: 

For  each  of  the  first  policy  years,  the  reserve  is  equal  to  the  greater  of  the  following  amounts:  the  cash  value  or. 
the  amount  obtained  in  discounting  the  fifth  year  cash  value  using  the  same  rate  of  interest  as  used  for  rating,  but 
not  exceeding  8%.  After  the  fifth  year,  the  reserve  is  equal  to  the  cash  value. 

Retirement  annuity  with  annual  premium  and  "Foundation"  part  of  DEFI: 

The  reserve  is  valued  at  a  4%  interest  rate  according  to  the  "Quebecoise"  method  of  modification;  the  insurance 
factors  connected  with  this  method  were  developed  using  1958  CSO  Mortality  Table. 

"Deposit"  part  of  DEFI: 

During  the  ten  calendar  years  following  the  receipt  of  a  deposit,  the  reserve  on  this  deposit  is  equal  to  the  guarantees 
of  the  contract,  relative  to  this  deposit,  discounted  using  the  interest  rate  used  m  the  rating,  minus  1%.  \Vith  respect 
to  deposits  received  for  more  than  10  years,  the  reserve  held  is  equal  to  the  balance  of  the  deposits.  However,  tne 
reserve  never  can  be  less  than  the  balance  of  deposit  accumulated  on  a  contract. 


SI 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


The  1  aurentian  Mutual  (cont'd) 


Valuation  of  Insurance  Policies  and  Annuity  Contracts  (cont'd) 

Union  uu  Commerce 
Adults 

Policies  i-.-ued  before  July  1.  1945: 

All  stems  are  valued  on  the  table  of  mortality  "American  Experience"  Table,  with  an  interest  rate  of  4%  and 
the  ".Net  Level  Premium"  method. 

Policies  Issued  OH  or  after  July  L,  1945,  and  before  January  1,  1952: 

All  systems  are  valued  on  AM(5),  with  an  interest  rate  of  ZH%  and  the  Canadian  method  of  modification. 
Policies  issued  since  January  1,  1952: 

All  S3  Blued  on  CM(5)  with  the  Canadian  method  of  modification;  the  interest  rate  used  is  3%  for  all 

but  "Anniversary  W  hole  Life"  and  non-participating  whole  life  which  are  valued  with  an  interest  rate 

of  ;s  v;  . 

Children 

,H  Poliei.'s  issued  before  January  1,  1952: 

terns  are  valued  on  the  table  of  mortality  "Standard  Industrial",  with  an  interest  rate  of  3>£%  and 
the  Canadian  method  of  modification, 
(ii)  Policies  issued  on  or  after  January  1,  1952: 

All  S3  stems  are  valued  on  the  table  of  mortality  1941  CSO,  with  an  interest  rate  of  3%  and  the  Canadian 
method  of  modification. 
(Hi)  Policies  described  in  subparagraph  (i)  are  fully  coinsured. 

La  Stabiliti 

All  ystems  are  valued  on  the  table  of  mortality  1958  CSO,  with  an  interest  rate  of  3K%  and  the  Canadian  method 
of  modification,  using  age  last  birthday. 

General 

,  ising  Term  Policies:  These  policies  are  valued  on  the  table  of  mortality  1958  CSO,  with  an  interest  rate  of 
nd  the  "Net  Level  Premium"  method.  For  all  the  policies,  the  pattern  of  the  decreases  of  the  amounts  of  m- 
imed  to  be  this  of  the  corresponding  plan  in  the  rate  book  number  3,  except  for  the  "Business-Man 
Term  Policy"  (02-367)  of  the  Union  du  Commerce  for  which  the  exact  decreases  have  been  used, 
v  Income  Riders:  These  policies  have  been  valued  using  the  following  formula: 
1958  CSO  Mortality  Table,  3H%  interest  rate  and  "Net  Level  Premium"  method  have  been  used.  A  special 
adjustment  is  made  when  the  face  amount  is  payable  only  at  the  end  of  the  family  income  period. 
Mortgage  Policies:  These  policies  are  valued  like  Family  Income  Riders. 

The  reserve  held  relative  to  the  insurance  on  children  on  family  policies  and  riders  is  equal  to  $2.00  per  thousand 
of  insurance  on  one  child;  on  each  policy  or  rider,  it  is  assumed  that,  on  the  average,  two  children  are  insured  in  this 

manner. 

On  all  reinsured  contracts,  the  reinsurance  reserve  is  supposed  equal  to  Y2  the  Y.R.T.  premium  payable  to  the 
reinsurer  (or  received  from  an  insurer  when  dealing  with  accepted  reinsurance). 

Coinsured  amounts  of  insurance  are  valued  on  the  same  basis  and  along  with  the  same  method  as  the  basic  contract 

itself. 

Additional  Insurance  purchased  by  dividends  is  valued  on  CM(5)-3%  if  the  contract  was  signed  before  February 
1970  and  on  1958  CSO-3J^%  if  the  contract  was  signed  on  or  after  February  1970.  The  reserve  is  adjusted  for  the 
payment  of  claims  at  the  moment  of  death. 

Additional  Information: 

Policies  issued  with  rated  up  age  are  valued  using  the  rated  up  age. 
Policies  with  lien  are  valued  the  same  way  as  policies  without  lien. 

For  the  policies  with  an  annual  extra  premium,  a  reserve  equal  to  one  half  the  annual  gross  extra  premium  is 
added  to  the  regular  reserve.  Moreover,  for  limited  payment  whole  life  policies,  an  additional  reserve  is  held  in  order 
to  make  provision  for  extra  mortality  which  will  subsist  when  the  policy  will  be  paid-up. 

Disability: 

Waiver  of  premium  in  case  of  disability: 

The  reserve  for  waiver  of  premium  in  case  of  disability  before  the  occurrence  of  disability  was  established  to  two 
times  the  annual  gross  premium  for  the  waiver.  This  result  originates  from  a  "Model  Office"  study,  representing  as 
well  as  possible  our  Company's  business  distribution. 

During  disability,  the  reserves  were  valued  from  a  combination  of  1958  CSO,  1952  Disability  Study,  and  a  rate  of 

interest  of  ZV2%. 

Disability  Income: 

Reserves  computed  with  a  combination  of  1958  CSO  with  1952  Disability  Study  and  3V2%  interest  rate  were  used 
before  and  after  the  occurrence  of  disability  for  the  Income  Benefit  itself  and  the  reimbursement  of  capital  at  bo, 
and  the  waiver  of  premiums  after  the  occurrence  of  disability.  The  reserve  for  the  waiver  of  premium  before  the  occur- 
rence of  disability  is  equal  to  two  times  the  hypothetic  premium  required  for  purchasing  a  Waiver  of  Premium  benent 
on  an  Fxecutive  Whole  Life  policy  issued  at  the  same  age. 

Waiver  of  premium  in  case  of  death  or  disability: 

This  benefit  was  included  in  the  study  made  with  a  model  office;  the  reserve  held  before  the  occurrence  of  death 
or  disability  is  equal  to  two  times  the  annual  gross  premium  for  the  benefit. 

After  death,  a  supplementary  reserve  is  held,  equal  to  the  present  value  of  premiums  waived,  taken  with  3% 
interest  rate. 

Accidental  death  and  mutilation: 

The  reserve  for  double  indemnity  benent  is  computed  using  a  combination  of  1959  A  D  B.T  with  1958  CSO  and 
33^%  interest  rate.  The  reserve  for  the  double  indemnity  and  mutilation  is  taken  equal  to  115%  of  the  double  indemnity 
reserve,  and  the  triple  indemnity  reserve  is  taken  as  125%  of  the  double  indemnity  reserve. 

Settlement  annuities  are  valued  on  "1937  Standard  Annuity  Mortality  Table"  with  an  interest  rate  of  3%; 
settlement  annuities  not  involving  life  contingencies  are  valued  by  taking  as  reserve  the  present  value  at  6  /0  oi  an 
future  payments. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


85 


The  Laurentian  Mutual  (cont'd) 

Valuation  of  Insurance  Policies  and  Annuity  Contracts  (cont'd) 
Guaranteed  Insurability: 

Tvpe  I  (before  the  option)  reserves  and  Type  II  (after  the  option)  reserves  are  held  for  this  benefit.  The  ''Purchase 
Single  Premiums"  at  the  option  ages  have  been  computed  using  comparisons  "select"  vs.  "ultimate  based  on  CA-58-o4. 
The  withdrawals  after  the  option  were  assumed  to  be  75%  of  Linton  B.A.  The  reserves  before  the  option  have  been 
computed  using  1958  CSO  and  2,V2%.  Type  II  reserves  will  be  extinguished  progressively,  20%  a  year. 

Supplementary  reserves  are  held  for  individual  life  insurance  policies  issued  from  group  conversions.  The  reserves 
held  is  equal  to  $75.00  per  thousand  converted  in  a  year  and  is  extinguished  progressively,  20%  a  year. 

Group  Contracts 

Corporation  Pret  et  Revenu 

Reserves  on  insurance  attached  to  investment  certificates  issued  by  "La  Corporation  Pret  et  Revenu"  are  taken 
as  V2  the  annual  rate  of  yearly  renewable  term  calculated  on  1941  CSO,  with  an  interest  rate  of  2%. 

Group  Life  Insurance 

For  group  life  policies,  in  addition  to  the  unearned  premium  reserve,  a  contingency  reserve  of  2%  of  the  premiums, 
net  of  reinsurance,  is  held.  For  the  waiver  of  premiums,  an  additional  reserve  of  75%  of  the  amount  of  insurance 
is  held. 

Group  Annuities 

Group  annuities  purchased  prior  to  the  policy  anniversary  in  1967  have  been  valued  according  to  the  GA-1951 
Mortalitv  Table,  projected  19  years  on  scale  B,  with  interest  at  the  rate  of  4%.  Group  annuities  purchased  on  or  after 
the  1967  policy  anniversary  were  valued  according  to  the  GA-1951  Mortality  Table  projected  30  years  on  scale  C, 
with  interest  at  the  rate  of  5%. 


Allocation  of  Surplus 

Ordinary  Life: 

Policies  issued  before  February  1,  1970: 

Dividends  on  participating  policies  have  been  calculated  on  a  contributory  basis  using  the  following  factors: 

(a)  loading:  a  percentage  of  gross  premium  varying  from  4%  in  the  first  policy  year  to  7J^%  in  the  twentieth 
policy  year. 

(b)  mortality:  $2.00  per  thousand  of  amount  at  risk. 

(c)  interest:  1%  of  mean  reserve. 

Dividends  paid  are  a  percentage  of  the  results  obtained  by  the  method  described  above.  This  percentage  is  70 
for  policies  whose  nominal  value  is  under  $10,000  and  80  for  policies  with  a  larger  nominal  value. 
Policies  issued  after  January  31,  1970: 

Dividends  per  $1,000  of  insurance  are  obtained  from  the  following  formula: 

(a)  $0.50  plus  $0.03  times  the  age  at  issue  of  the  policy. 

(b)  $0.10  for  each  terminated  policy  year  plus  $0.15  for  each  terminated  policy  year  after  the  first  five,  or  $2.00, 
whichever  is  smaller. 

(c)  X%  of  terminal  reserve,  where  X  =  H  for  whole  life  policies,  X  =  M  for  limited  payment  whole  life  policies, 
X  =  1  for  endowment  or  pension  policies. 

(d)  For  limited  payment  whole  life,  dividends  obtained  from  the  above  factors  are  increased  by  $0.70  minus 
$0.02  for  each  year  of  the  payment  period;  this  corrective  factor  cannot  be  negative. 

Ordinary  Annuities 

Issued  before  October  1,  1970: 

Dividends  are  set  equal  to  l%%  of  the  initial  reserve. 
Policies  issued  after  September  30,  1970: 

Dividends  of  the  first  5  policy  years  are  set  equal  to  1K%  of  the  initial  reserve. 


Accident  and  Sickness  Insurance 

Ordinary  Accident  and  Sickness  Insurance: 

For  ordinary  accident  and  sickness  non  cancellable  contracts,  in  addition  to  the  unearned  premium  reserve,  an 
additional  reserve  has  been  calculated  along  with  "1964  Commissioners  Disability  Table,  an  interest  rate  ot  d/0, 
and  the  method  called  "2-years  Preliminary  Term  Method." 

Dividends  paid  are  the  following: 

-  Nothing  in  the  first  and  second  policy  years. 

-  5%  of  the  annual  gross  premium  in  the  third  policy  year. 

-  10%  of  the  annual  gross  premium  in  the  fourth  policy  year. 

-  15%  of  the  annual  gross  premium  for  policy  years  5  and  over. 

Group  Accident  and  Sickness  Insurance: 

For  group  accident  and  sickness  policies,  in  addition  to  the  unearned  premium  reserve,  a  contingency  reserve  of 
2%  of  the  premiums  net  of  reinsurance  is  held.  In  the  case  of  disabled  lives,  an  additional  reserve  has  been  computed 
using  "1964  Commissioners  Disability  Table"  at  the  rate  of  interest  of  3%. 


86 


AN  Nl'AL  REPORT  -  SUPERINTENDENT  OF  INSURANCE 


The  Lauren tla  11  Mutual  (cont'd) 


Life  Assurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number 

of 
Policies 

Number 
of  Cer- 
tificates 

Amount 

Number 

Amount 

In  i  ,»kv  :  .  December  31,  1972.  .  . 

81.584 

5  232 
'l53 

$ 

525,513,081 
68,968,134 
1 ',767 ',126 
65,443 
5,074,362 

192 

68,495 

$ 

199,550,045 

81,776 
5,232 
153 

$ 

725,063,126 
68,968,134 
1,767,126 
38,207,848 
16,018,764 

Old  revived  

Now  bonus  additions  

38,142,405 
10,944,402 

10,076 

86,969 

601,388,140 

192 

78,571 

248,636,852 

87,161 

850,024,998 

Less  ceased  by: 

329 
302 
643 
1.860 
1.583 

150 

1,588,644 
496,755 
5.909,854 
8,654,099 
21,194,831 

3,567,750 
3,682,443 

164 

509,328 

329 
302 
643 
1,860 
1,617 

150 

2,097,972 
496,755 
5,909,854 
8,654,099 
45,234,218 

20,868,234 
7,709,887 

Expiry  

Withdrawal  - 

with  conversion  

34 

4,400 
2,326 

24,039,387 

17.300,484 
4,027,444 

4.867 

45,094,376 

34 

6,890 

45,876,643 

4,901 

90,971,019 

In  force,  December  31,  1973.  .  . 

82,102 

556,293,770 

158 

71,681 

202,760,209 

82,260 

759,053,979 

Analysis  of  Amounts  of  Life  Assurance  Effected  and  in  Force 


Classifi- 
cation 

NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsur- 
ance 
Ceded 

Net 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

$ 

68,968,134 

$ 

10,034,564 

$ 

58,933,570 

$ 

543,592,745 
118,700,521 

$ 

12,701,025 
84,059,688 

$ 

76,137,934 
22,735,683 

$ 

480,155,836 
180,024,526 

Totals  

68,968,134 

10,034,564 

58,933,570 

662,293,266 

96,760,713 

98,873,617 

660,180,362 

LIFE  INSURANCE  COMPANIES  FOR  1973 


87 


The  Laurentian  Mutual  (cont'd) 


Annuities  (Gross) 


ORDINARY  ANNUITIES 

GROUP  ANNUITIES 

SETTLE- 
MENT 
ANNU- 
ITIES 

DISA- 
BILITY 
ANNU- 
ITIES 

Deferred 

Vested 

Deferred 

Vested 

No. 

Annual 
pay- 
ment 

No. 

Annual 
pay- 
ment 

No. 

OF 
CON- 
TRACTS 

No. 

OF 
CER- 
TIFI- 
CATES 

Annual 

PAY- 
MENT 

No. 

OF 
CER- 
TIFI- 
CATES 

ANNUAL 
PAY- 
MENT 

No. 

Annual 

PAY- 
MENT 

No. 

Annual 

PAY- 
MENT 

In  force 

Dec.  31,  1972  

407 

523 

$ 

923,495 
1,556,564 

1 

$ 

1,200 

66 

7 

1,350 

105 
141 

$ 

770,064 
33,073 

234,152 

57 

$ 

29,745 

45 
6 

38,957 
8,595 

1 
1 

1 

$ 

4,800 
1,200 
1,680 

Old  revived  

T  m  n  *jf  p  r<5 

8 

7,230 

Additional  deposit. . 
Totals  

930 

20,791 
2,500,850 

1 

1,200 

73 

1,596 

1,037,289 

65 

36,975 

51 

47,552 

3 

7,680 

Less  ceased  by: 

1 

40 

1,292 

78,436 
17,415 

3 

1,229 

Recovery  from 

Expiry  

Surrender  

Decrease  

1 

1,200 

1 

786 

2 

2,400 

2 

6,000 

i  t  h  d  vs.  w  cil 
Transfers  

Total  ceased.  . 

In  force, 

Dec.  31,  1973.  .  .  . 

Reinsurance 
In  force, 

Dec.  31,  1973 

9 
29 

79 

32,808 
164,513 

294,464 

1 

1,200 

1 
1 

122 
8 

133 

32,410 
7,230 

40,869 

1 

786 

2 

2,400 

2 

6,000 

851 

2,206,386 

72 

1,463 

996,420 

64 

36,189 

49 

45,152 

1 

1,680 

1 

86 

12,896 

28 

6,732 

Assumed  

Statement  of  Business  in  Respect  of  Which  Reserves  Vary  Depending  Upon 
the  Market  Value  of  Specified  Groups  of  Assets 
(Segregated  Funds) 

Assets  (at  Market  Values  December  31,  1973) 


Bonds  

Stocks,  common  

Cash  

Investment  income  due  and  accrued. 

Total  


Liabilities 


Expenses  due  and  accrued . 
Accounts  payable  


Total  amounts  owing. 


Funds  held  for  the  benefit  of  policyholders: 

Actuarial  reserve.  

Amounts  on  deposit  


Surph 


Total  funds  

Total  funds  and  amounts  owing. 


Reconciliation  of  Funds 


i  Funds  at  beginning  of  year  

Net  balance  of  investment  operations  and  expenses. 
Net  transfers  re  policyholders'  benefits  


Funds  at  end  of  year. 


All  Funds 
Total 

$124,235 
133,295 
42,068 
2,917 

$302,515 


$  142 
19,944 

$  20,086 


$  37,419 
200,000 
45,010 

$282,429 

$302,515 


$275,644 
-16,276 
23,061 

$282,429 


8  S 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Laurentian  Mutual  (concl'd) 


Investment  Operations  and  Expenses 

All  unds 
Total 


Income 

$  9,847 

Interest  on  bonds   3*890 

Dividends  on  stocks   'ggg 

Interest  On  guaranteed  deposits    


_    $  14,392 

Total  income  

KOFI  I"  OX  s Ob'  INVESTMENTS  (excess  of  proceeds  over  market  value  at  beginning  of 

year  oi  at  date  of  purchase  during  year):  „  11  7Q8 

Gain  or  loss  on  stocks    ' 

at  1  1  7Qfi 

Total  gain  or  loss  on  sale  of  investments   »  u,ia° 

UNR]    I  I/:  D  APPRECIATION  IN  VALUE  OF  ASSETS  (change  in  market  values  since  beginning 

,    ;  eai    t  at  date  of  purchase  during  year):  g,6 

Appreciation  or  depreciation  on  bonds   —38  885 

Appreciation  or  depreciation  on  stocks    ' 

Total  unrealized  appreciation  or  depreciation   $  — 40,781 

Total  capital  gain  or  loss   ' 

Expenses 

.«    $  1,641 

Management  tees   44. 

Safekeeping  and  exchange  expense    

  $  1,685 

Total  expenses    

Net  balance  carried  to  reconciliation  of  funds   $-16,276 


Amounts  Transferred  Re  Policyholders'  Benefits 

Transfers  and  payments  into  funds:  «.  38,039 

Reserve  allocations    ' 

  %  38,039 

Total  

Transfers  and  payments  from  funds:  g    !  849 

Lapse..   13;  129 

Surrender    I 

„    $  14,978 

Total    

$  23,061 

Net  transfers  and  payments   — 


Statement  of  Unit  Values 


NET  ASSETS 

UNIT  VALUE 

January  1,  1973 

Dec.  31,  1973 

January  1, 
1973 

December  31, 
1973 

Accumulation 
Units 

Accumulation 
Units 

$ 

149,787 
125,857 

% 

154,347 
128,082 

$ 

13.53 
12.59 

$ 

11.81 
12.81 

275,644 

282,429 

LIFE  INSURANCE  COMPANIES  FOR  1973 


89 


LES  PREVOYANTS  DU  CANADA 

Head  Office,  Montreal,  Que. 


Actuary, 


Officers.  -  Chairman  of  the  Board,  L.  Webster;  President,  M  Tremblay;  General  Manager,  R.  Decaray; 
M  Morel;  Secretary,  C.  Beauvais;  Treasurer,  J.  Beauchemin;  Vice-president,  S.  Rocheleau. 

Directors.  -  L.  Brisson.  L.  Sirois,  M.  Tremblay,  R.  Beaulieu,  L.  C.  Webster,  E.  Asselin,  B.  Courvette,  P.  Desmarais, 
f.-M.  Chabot,  R.  Desourdy,  J.  Peytavy,  S.  Rocheleau,  M.  Asselin,  A.  S.  Labatt. 
Auditors.  -  Samson,  Belair,  C6te,  Lacroix  and  Associates. 
Date  of  Incorporation.  -  1909.  Commenced  Business  in  Ontario.  -  1946. 
Provinces  in  Which  Licensed.  -  Ontario  and  Quebec. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 


Capital  stock  authorized: 

Amount  -  Common,  $1,000,000. 

No.  of  Shares  -  Common,  1,000,000;  Par  Value,  $1  each. 


No.  OF 
Shares 


Capital  stock  issued  and  outstanding 
at  beginning  and  at  end  of  year  


350,000 


Amount 
Subscribed 

$  350,000 


Amount 
Paid  in  Cash 

$  350,000 


Comparative  Balance  Sheet 


Current  Year      Prior  Year 


Assets 


Investments: 


Short  term  deposits  and  money  market  securities   *2J', 


Bonds 

Stocks  

Mortgage  loans 


$  1,050,000 
35,751 
5,436,539 
21,281,439 


Real  Estate  

Encumbrances . 


Current 
Year 
1,103,300 
493,030 


Prior 
Year 
16,804 


Policy  loans. 


Total  investments. 


Cash  

Investment  income,  due  and  accrued   

Outstanding  life  insurance  premiums  and  annuity  considerations. 

Accident  and  sickness  premiums  due  and  unpaid  

Outstanding  premiums  -  pension  fund  


610,270 

2,926,909 

53,170,908 

132,833 
636,426 
549,446 
194,306 


Sub-total. 
Segregated  funds. .  . 


$54 


683,927 
557,975 


Total  assets. 


Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force  

Aggregate  reserve  for  accident  and  sickness  insurance  ;  •  •  •  •  • 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts 

and  including  interest  accumulations  " : "  li. " 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in  the 

following  year  

Provision  for  group  experience  refund  


Sub-total  

Segregated  funds  

Sub-total  :  •  v  v. • 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  tor 

unreported  claims  •  •  •  

Insurance  premiums  and  annuity  considerations  received  in  advance  

Dividends  to  policyholders,  due  but  unpaid  

Accounts  payable  and  accrued  expenses  

Amounts  received  but  not  yet  allocated  

Interest  on  claims  

Employees'  pension  and  insurance  funds  


Total  liabilities. 


$55,241,902 


$46,689,106 
402,767 

1,720,409 

452,894 
171,630 

$49,436,806 
557,975 

$49,994,781 

1,790,897 
14,865 
2,220 
210,500 
100,437 
17,086 
950,213 

$53,080,999 


Policyholders'  equity:  -  „ 

Surplus  in  par  fund   *  °' 

Investment  reserve  par  fund  

Investment  reserve  non  par  fund  

Shareholders'  equity: 

Capital  stock  paid  in  

Surplus  in  shareholders'  fund  

Surplus  in  non-par  fund  


702,160 
3,277 
3,183 

350,000 
53,025 
,950,742 


Total  equity  

Total  liabilities  and  equity. 


$  2,160,903 
$55,241,902 


$  350,000 
20,916,462 
5,466,145 
17,299,045 


16,804 

2,676,492 

46,724,948 

303,813 
591,843 
460,598 
148,788 


$48,229,998 
498,805 

$48,728,803 


$40,985,620 
342,137 

1,495,208 

306,178 
211,117 

$43,340,260 
498,805 

$43,839,065 

1,942,928 
14,328 
2,026 
165,078 
10,979 
18,604 
932,227 

$46,925,235 


$  2,967,988 


350,000 
53,525 
-1,567,945 

$  1,803,568 

$48,728,803 


90 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Lea  Prevoy&nts  (cont'd) 


Summary  of  Operations  (Including  Segregated  Funds) 

Current  Year  Prior  Year 

Pren  luma  an  I  annuity  considerations   $13,Sto'?l?  $11,?2'8S 

Consi  lerations  foi  settlement  annuities  ,   7„„*iSi  i^ncx 

I  ontributions  to  employees'  pension  and  insurance  funds  incl.  $81,592  by  employees  122,639  A«'V^ 

  3'  !?'?9d  '12  047 

Nit  investment  income,  segregated  fund   ioonn  iS'il 

Miscellaneous  revenue   92,390  93.484 

Realized  gain  {loss)  segregated  Fund  assets  only   ~19Ail  inst'SS 

Unrealised  gain  (/osi)  segregated  fund  assets  only   Wt&%  onoo 

V i        .  i  of  general  expenses  of  segregated  lund   Aoi<  ^'u^ 

roTALINCOMB   $17,236,863  S15.221.9Cf2 

li  t  insurance  and  annuity  contracts,  other  than  under  settlement  ^  ^  ^  ^  ^  ^  ^ 

Payments  under  settlement  annuities   loan™  ^I'tH 

Payments  from  employees'  pension  and  insurance  funds  :  •  •  l^y,9/o  d«s,//e 

J  in<  rease  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation 

).,,.,    5,667,504  4,512,02b 

in  rease  in  segregated  fund'. ! ! '. '. ' ' '.   59.369  198.019 

a  aggregate  reserve  for  accident  and  sickness  insurance   60,630  }Sn74? 

loyees' pension  and  insurance  funds   oiAta  t^'oao 

interest  credite  I  to  amounts  on  deposit  with  the  company   oi'fi?  qo'-qi 

Interes   ■ :   otZ'tll  oii'mk 

raxes,  lie  ;n    a  and  fees,  excluding  investment  taxes  and  income  tax   ciccrvr  «9«  119 

is  on  ins  irance  premiums  and  annuity  considerations   848,80/  szo.iiz 

ral  expenses  (excluding  investment  expenses)   2,olo,4ol 

Total  expenses   $16,201,163 


before  gains  or  losses  on  investments,  dividends  to  policyholders   $  1,035,700 

Dividends  to  policyholders  

Group  experience  refund   6l' 

Profit  before  gains  or  losses  on  investments   $  onf'io^ 

Net  gains  or  losses  on  investment  (other  than  segregated  fund)   207,694 

Net  profit  '  $  445.817 


$14,941,499 

$ 

280,403 

320,224 

249,046 

s 

-288,867 

577,957 

289,090 

Surplus  Account 


Surplus,  at  beginning  of  year: 

  $ 

53,525 

$ 

54,025 

1,567,945 
2,967,988 

-595,889 
1,729,404 

INCREASES 

445,817 

289,090 

  $ 

445,817 

$ 

289,090 

DECREASES 

  $ 

35,982 
6,460 

t 

-29,388 

  $ 

42,442 

$ 

-29,388 

  % 

403,375 
52,500 

$ 

318,478 

52,500 

  $ 

350,875 

$ 

265,978 

Surplus,  at  end  of  year: 

  $ 

53,025 

$ 

53,525 

■1,950,7^2 
3,702,160 

-1,567, 9  45 
2,967,988 

LIFE  INSURANCE  COMPANIES  FOR  1973 


91 


Les  Prevoyants  (cont'd) 

Summary  of  Operations 
Accident  and  Sickness 
(Included  in  Summary  of  Operations— All  Business) 

Premiums  Written   $  2*?!!?'ino 

Reinsurance  Ceded   195'509 

2,712,663 

Increase  {decrease)  in  reserve   ■  ■  •  •   71  •*  2  71 5  406 

Increase  in  reserve  for  unearned  premiums  at  80%   ___„  ',/10,*0B 

Claims  paid  -  net   2,18^t^i 

Increase  in  provision  for  unpaid  claims. ..  .   <A<  oomr.nn 

Increase  in  present  value  of  amounts  not  due  on  claims   Zo,m<s  z.ziu.uuu 


.501, 


Commissions   $  166>557 

TclXCS  * A07*Pi71 

General  expenses                                                                                                           77  qi  1  6Q5  867 

Group  experience  refund                                                                                                 77'911  o95,Sb7 

-191,061 

Increase  in  reserve  for  contingent  benefits   37,480 

  S  -228,641 


Net  underwriting  profit  (loss) . 


EXHIBITS 

Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

ANNUITIES 

Total 

Ordinary 

Group 

Ordinary 

Group 

Partici- 
pating 

Non- 
partici- 
pating 

Non- 
partici- 
pating 

Partici- 
pating 

Non- 
partici- 
pating 

Partici- 
pating 

Non- 
partici- 
pating 

Net  of  reinsurance 
ceded: 

Single  

$ 

19,654 
127,492 
2,065,558 

$ 

177 
565,948 
2,918,751 

$ 

$ 

2,176 
40 
20,522 

J 

539,037 
248,589 
638,953 

S 

49,723 
57,348 

$ 

422,002 
49,521 
827,917 

$ 

1,032,769 
1,093,672 
8,218,806 

First  year  

Renewal  

Totals.  . . 

102,082 
1,691,757 

2.212,704 

3,484,876 

1,793,839 

22,738 

1,424,579 

107,071 

1,299,440 

10,345,247 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


Classification 

PARTICI- 
PATING 

NON- 
PARTICIPATING 

Total 

Ordinary 

Ordinary 

Group 

8 

89,555,582 
11,978,703 
61,500 
20,638,801 

$ 

140,165,310 
18,026,386 

148,141,554 
24,549,851 

$ 

S 

229,720,892 
30,005,089 

493,523,135 
45,188,652 

345,320,081 

122,234,586 

330,883,101 

345,320,081 

798,437,768 

92 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


'rovoyants  (.cont'd') 


General  and  Investment  Expenses 
(including  Segregated  Funds) 


Life 


Accident 

and 
Sickness 


Investment 


RENT 

Head  office  

Branch  office  

Total  

SALARIES.  WAGES  AND  ALLOWANCES 

Head  office  employees  

Branch  office  employees  

Managers'  and  agents'  salaries  

Directors'  fees  

Advances  to  agents  

Bonuses  to  agents  

TOTAJ  

CONTRIBUTIONS  TO  EMPLOYEES' 
A X  I  >  A<  rENTS'  WELF*ARE 

Pension  and  insurance  funds  for  employees  

Pension  and  insurance  funds  for  agents  

Unemployment  insurance  

Canada  and  Quebec  Pension  Plans  

Cafeteria  

Contribution  to  provincial  health  insurance  plans  

Total  

PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

Auditors'  fees  

Consultant  fees  not  included  above  

Total  

MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  convention  

Books  and  periodicals  

Bureau  and  assoriition  dues  

Collection  and  bank  charges  

Segregated  fund  management  fees  

Custody  of  securities  

Insurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  expense  

Printing  and  stationery  

Office  furniture  

Rental  of  equip  nent,  tabulating  and  miscellaneous  services 

Travelling  expenses,  head  office  

Travelling  expenses,  branch  office  

Sundry  expenses  

Total  

Grand  Totals  


87.7G3 
59.8G7 


147,030 


701,370 
78,377 

307,303 
9,393 
32,401 

141,599 


1,390,503 


45,271 
20,791 

8,707 
14,118 

1,857 
13,577 


110,381 


7,781 
27,437 
34,710 
3,000 
8,207 


81,741 


55,255 
24,098 

2,510 
17,011 
103 

2,017 

'iya 

08,185 
48,479 
54,924 
80,859 
43,127 
15,590 
30,550 


458,025 


2,188, 


18,587 
1,852 


20,439 


230,010 
2,424 
11,302 
4,020 


247,822 


8,041 
2,977 
2,320 
2,530 
501 
1,840 


18,275 


200 
2,589 
984 
400 
4,493 


8,732 


0,139 
2,744 
279 
153 
12 


934 
11,558 
17,334 
10,719 
12,000 
25,174 
3,898 
41,359 


132,303 


427,571 


4,852 


4,852 


07,805 


07,805 


3,440 


401 
779 
105 
542 


5,387 


105 


32,233 


32,338 


8,005 
2,152 
3,407 
2,334 
2,350 


2,981 

5'66i 


20,239 


130,021 


017,107 


2,753,072 


LIFE  INSURANCE  COMPANIES  FOR  1973 


Les  Prevoyants  (cont'd) 


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Les  Pro vo\ ants  (cont'd) 


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LIFE  INSURANCE  COMPANIES  FOR  1973 


97 


Les  Prevoyants  (cont'd) 


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^  go 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


I  es  Vvc\  o\  ants  (cont'd) 


Summary  of  Reserve 


Reserve  for  policies  and  contracts  in  force: 

Life  insurance  

Annuity  

TOTA1  

Deduct  reserve  for  reinsured  contracts: 

Life  insurance  

Annuity  it: . . 

Total  reinsurance  

Reserve  -  net  of  all  reinsurance  

I  deduct  deferra  1  life  insurance  premiums  and  annuity  considerations 
less  loading  

Net  reserve  carried  in  liabilities  


Participating 

Non- 
participating 

Total 

S 

$ 

$ 

16,467,968 
4,464,474 

15,506,061 
12,005,356 

31,974,029 
16,469,830 

20,932,442 

27,511,417 

48,443,859 

12,079 

486,764 
170,515 

498,843 
170,515 

12,079 

657,279 

669,358 

20,920,363 

26,854,138 

47,774,501 

353,098 

732,297 

1,085,395 

20,567,265 

26,121,841 

46,689,106 

Statement  of  Actuarial  Liabilities 

Generally,  year-end  reserves  are  computed  according  to  the  Net  Level  Premium  System  (N.L.P.),  the  Canadian 
Modified  Net  Premium  System  (Can.  Mod.)  or  the  Quebec  Modified  Net  Premium  System  (Mod.  Q.).  Mid-year 
reserves  are  used  as  of  December  31  with  the  annual  premiums  basis  assuming  all  policies  are  issued  on  July  1  of  each 
year,  H  wever,  net  premiums  due  and  net  deferred  premiums  are  given  on  December  31  on  an  exact  basis  according  to 
actual  due  dates  and  premium  mode  for  due  premiums  and  according  to  the  policy  anniversary  dates  for  deferred 
premiums. 

Nearest  age  at  issue  is  used  for  rates,  reserves  and  guaranteed  values  in  the  Life  Insurance  Section.  However,  for 
the  Double  Endowment  policies  the  age  at  issue  is  computed  according  to  the  duration  of  the  policy  and  is  equal  to  60 
years  less  the  duration  of  the  policy  and  the  actual  age  at  issue  is  irrelevant. 

In  the  case  of  a  few  policies  issued  with  December  1973  new  rates  for  Life  Insurance,  Reserves  and  guaranteed 
values  are  computed  with  age  last  birthday  (CSO-LB-58-3^%). 

Age  last  birthday  at  issue  is  generally  used  for  rates,  reserves  and  guaranteed  values,  if  any,  in  the  Annuity  section. 


Additional  information 

Policies  issued  with  rated  up  age  are  valued  according  to  the  rated  up  age. 

Policies  issued  with  a  lien  are  valued  as  standard  cases  without  any  decrease  except  for  policies  with  restrictions 
which  are  contractual  and  in  connection  with  the  type  of  insurance,  for  example  the  Estate  Policy  or  the  Double 
Endowment  policy. 

The  Company  has  no  policy  in  force  issued  especially  for  preferred  lives. 

Policies  issued  with  extra  premiums  are  valued  as  standard  cases  and  an  additional  reserve  is  computed  as  50%  of 
extra  annual  premiums.  Some  Life  policies  have  extra  premiums  payable  for  a  limited  number  of  years  and  to  take  that 
fact  into  account  an  additional  reserve  of  60%  of  the  extra  annual  premiums  is  held  instead  of  50%  for  the  first  time  in 
1972.  The  percentage  of  60%  was  established  according  to  a  special  study  made  during  the  year  and  the  percentage 
should  be  checked  every  3  to  5  years. 

Waiver  of  premiums  in  case  of  Disability  (Active  Lives).  The  reserve  is  computed  according  to  the  "1952  Dis. 
Study,  Benefit  5,  Period  2"  interest  at  3%  for  issue  years  after  1958.  For  other  issue  years,  the  reserve  is  50%  of  the 
gross  premium. 

(Disabled  lives).  For  these  cases,  the  reserve  is  computed  according  to  the  "Class  (3)  DT  (1926) — CSO-41"  table 
with  interest  at  3%  for  the  amount  of  the  waived  annual  premium  and  for  the  number  of  forecasted  premiums. 

Disability  Income  (Active  lives).  The  reserve  is  computed  according  to  the  "1964  CDT"  table  with  interest  at  3% 
combined  with  the  1958 — C.S.O.  table. 

(Disabled  lives).  The  reserve  is  computed  according  to  the  "Class  (3)  DT  (1926)"  table  with  interest  at  3%. 

Accidental  Death  and  Dismemberment  -  For  issue  years  1958  and  after  and  for  Limited  Payment  Life  policies  the 
reserve  is  computed  according  to  the  "59  ADB"  table  with  interest  at  3%  at  130%  of  standard  reserve  for  Accidental 
Death  and  at  169%  of  standard  reserve  for  Accidental  Death  and  Dismemberment.  For  other  policies  the  reserve  is 
40%  of  gross  premiums. 

Settlement  Annuities.  The  annuities  valued  at  534%  last  year  are  cases  of  early  months  in  1972  or  before  which 
have  been  computed  according  to  non  par  annuity  certain  rates  and  are  now  classified  in  the  Annuity  Section;  the 
corresponding  transfer  of  funds  has  been  made  for  that  change. 

The  reserve  for  Term  Insurance  policies  with  decreasing  amount  are  computed  according  to  the  "A-24-29"  table 
with  interest  at  3%,  Net  Level  Premium  method  (N.L.P.)  at  90%  of  standard  reserve  in  1973.  Following  the  agree- 
ment made  with  the  Department  of  Insurance  in  December  1972,  the  percentage  shall  be  increased  to  100%  in  the  next 
few  years,  last  year  this  reserve  was  computed  at  85.2%  of  N.L.P.  -  3%. 

G.I.B.  -  G.I.B.  converted  to  par  and  non  par  life  insurance:  excess  means  excess  mortality  cost,  over  the  CAA-52- 
56  L  ltimate)  Standard  table,  of  a  mortality  of  625%  the  first  year  and  decreasing  steadily  to  100%  after  10  years.  The 
percentages  of  options  elections  is  in  the  range  7  to  17%  according  to  age  at  issue  and  the  net  benefit  premium  is  90  % 
of  the  gross  premium. 


Special  Reserves 

Present  value  of  future  expenses  on  paid  up  policies  -  This  reserve  is  the  present  value  of  an  expense  of  SI  per  year 
for  each  SI, 000  of  insurance  with  the  mortality  tables  and  interest  rates  used  for  the  paid  up  insurance  reserves. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


99 


Les  Prevoyants  (cont'd) 


Waiver  of  fractional  premiums  at  death.  This  reserve  is  computed  with  the  following  formula: 

^X/spec.  =  (total  net  deferred  premiums)  X  total  reserve  (paid  up  excluded) 

total  amount  (paid  up  excluded) 
From  1972.  the  formula  is  applied  separately  for  Whole  life  and  for  other  types  of  policies  to  decrease  the  error 
of  the  approximation.  .  , 

Immediate  payment  of  claims  at  death.  Using  the  interest  rate  T  used  in  the  reserve  basis  of  the  different  classes 
cf  insurance,  this  reserve  is  computed  as  follows: 

\y  spec.  _  ^  x  (Reservei  for  au  classes  except  the  reserves  of  the  Pure 
2     Endowment  part  of  the  Endowment  policies) 
Conversion  of  Grouo  Insurance.  This  reserve  is  computed  to  forecast  the  extra  mortality  of  converted  policies 
from^ne  Group  Insurance  secUon  The  initial  reserve  is  com  puted  according  to  age  at  conversion  and  decreases  gradually 
to  vanish  after  10  years. 

Allocation  of  Surplus 

Participating  insurance  and  annuity  funds  contribute  to  the  shareholders  surplus  account  for  one  ninth  of  dividend 
declared  to  policyholders.  ,  ,  .  .      .     e  , 

Issued  under  the  "preferred  risk"  plan,  the  portion  on  the  amount  of  insurance  was  reduced  to  SO  37o  per  SLOW. 

For  "single  premium"  policies,  dividends  have  been  computed  as  follows:  $0.75  per  $1,000  of  insurance  and  %  of 

1%  For^h^Penln  wUh  insurance"  policies,  dividends  have  been  computed  as  follows:  $0.75  per  $1,000  of  insurance. 
%  of  1%  of  the  premium  (VA%  for  1956  rates)  and  %  of  1%  of  the  terminal  reserve. 

For  "Double  Endowment"  policies,  dividends  are  established  .1  H  of 1%  of vt^h  «urrender  value  at  the  end 
of  the  preceding  year  of  insurance.  The  first  dividend  is  payable  at  the  5th  policy  anniversary. 

For  "Sinking  Fund"  and  "Deferred  annuities"  policies  issued  under  the  1951  rate  dividends  are ^established ^at 
0  375%  of  the  calh  surrender  value.  From  September  1st  1973.  dividends  were  computed  as  a  %  of  the  mean  reserve 
in  the  policy  year,  the  %  being  6lA%  less  the  reserve  interest  rate. 

For  the  term  insurance  dividends  have  been  computed  as  follows:  67.5%  of  the  difference  between  participating 
gross ^rem^  Premiums  Creased  with  67.5%  of  the  difference  between  net  premiums 

calculated  from  CM(5)  3%  and  A-1924-29  3H%-*  a 

For  whole  life,  limited  payment  and  endowment  policies  based  on  A-1921-29  3V2%  and  CSO-19o8  3fc%  re- 
spectively,  dividends  have  been  established  as  follows: 

%  of  1%  of  the  terminal  reserve;  r  1  ■ 

From  September  1st  1973,  dividends  have  been  increased  and  we  computed  at  the  rate  of  110,7o  of  the  scale  in 
force  before  that  date.  ,       ...  ..  

$1.50  per  $1,000  of  insurance  (except  of  whole  life  insurance  issued  upon  life  younger  than  15  years  where  this  item 
is  $0.75  per  $1,000  of  insurance);  ,  ...  A 

%  of  1%  of  the  premium  in  "Preferred"  and  "superior"  series;  1H%  of  the  premium  in  ordinary  series  and 
0%  in  the  "select"  series.  ,  . 

For  policies  "whole  life  preferred"  dividends  are  payable  for  the  10th  policy  year  and  after  and  are  calculated  a. 
follows: 

%  of  1%  of  the  terminal  reserve; 
$0.75  per  $1,000  of  insurance; 

For  "ADVE"  policies,  with  the  person  whose  life  is  insured  being  more  than  21  year s  old  ^mdends  hav-e  been 
established  on  the  following  basis:  $0.75  per  $1,000  of  the  amount  of  insurance  plus  %  of  1%  ot  the  terminal  reserve 
at  the  end  of  the  policy  year. 

Dividends  on  "Family  Policies"  have  been  allocated  on  the  second  policy  anniversary  and  the  annual  dividend  is 
equal  to  t [of  1%  of  the  reSe?vi  It  the  end  of  the  previous  year  and  1«%  of  the  gross  premium  and  $1.50  per  $1,000 
of  basic  insurance.  ,  ...      .     ,.  .,  , 

The  bonus  additions,  derived  from  the  application  of  dividends,  have  been  established  by  considering  the  dividend 
as  a  single  premium,  based  on  the  table  CM(5)  3%  without  any  extra  charge  for  expenses  (or  A-1924-.9  6ft  /„.  or 
CSO-58  3 ii 7c,  respectively). 

Policies  issued  with  or  without  the  "disability  waiver  of  premium"  rider,  have  all  been  treated  on  the  same  basis. 
The  same  remark  applies  to  the  Disability  Income  Benefits. 

Tn  thP  rase  of  vested  annuities  the  dividends  have  been  determined  so  as  to  permit  the  Company  to  pay  the  same 
amount^rtte^ 

the  difference  between  the  annuities  computed  at  the  rate  oi  4%  and  the  annuities  computed  at  the  rate  ot  tne  poncy. 
i.e.  2M%,  3%  and  3V£%  respectively. 


100 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


i  es  Prevoyants  (cont'd) 


Life  Insurance  Policies  (Cross) 


Classification 


ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number  of 
Policies 

Number  of 
Certificates 

Amount 

Number  of 
Policies 

Amount 

123 

$ 

65,837,481 
1.381.823 

53,699 

403 
00 

109,514 
1  509 
l',424 

$ 

339,127,054 
15i390,089 
4[9Ge!500 

62,676 
4  935 
'123 

$ 

700,207,707 
81,228,170 
0,348,323 

53,099 
119,053,319 

/  0,\JOO,Z4:4 

190,293 

118,857,026 
7o.U33.z4z 

30,830 

07,265 

494,009,349 

409 

203,337 

551,375,111 

67,734 

1,045,984,460 

216 
67 
589 
890 
1,907 

905,374 
131,087 
4,588.130 
4,041,375 
22,080,308 

014 

1,231,978 

210 
07 
589 
890 
2,045 

2,197,352 
131,687 
4,588,130 
4,641,375 
56,917,866 
65,642,498 
116,246,784 
-2,819,000 

78 

4,104 
49,183 

34,231,498 
65,642,498 

8,478,728 

107,768,056 

1 

-9 

-2,819,000 

1 

3,735 

41,491,002 

79 

53,892 

206,055,030 

3,814 

247,546,692 

63,530 

453,117,087 

390 

149,445 

345,320,081 

03,920 

798,437,768 

In  Fokci-. 

Dec.  31.  1H72 
New  ettected  . 
OKI  Revived.  .  . 
New  Bonus 

additions.  .  .  . 
Old  increased.  . 
New  certificates 

Totals  — 

Less  ceased  by 

Death  

Maturity. .  . 

Kxpiry  

Surrender.  . 

Lapse  

Withdrawal 
Decrease.  .  . 
Adjustment. 

Total 
ceased. . 

In  force, 

Dec.  31,  1973 


Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsur- 
ance 
Ceded 

Net 

Direct 
Written 

Reinsur- 
ance 
Assumed 

Reinsur- 
ance 
Ceded 

Net 

Group  

$ 

65,837,481 
15,390,689 

$ 

4,608,801 
1,877,500 

$ 

61,108,020 
13,513,189 

$ 

429,210,840 
345,320,081 

$ 

23,900,841 

$ 

44,180,987 
31,030,098 

408,930,700 
314,289,383 

Totals  — 

81,228,170 

0,540,301 

74,081,809 

774,530,927 

23,900,841 

75,211,085 

723,220,083 

LIFE  INSURANCE  COMPANIES  FOR  1973 


101 


Les  Prevoyants  (cont'd) 


Annuities  (Gross) 


In  force, 

Dec.  31,  1972..  .  . 

New  effected  

Old  revived  

Old  increased  

Increased  

Transfers  

Others  


ORDINARY  ANNUITIES 


Deferred 


No. 


1,133 
330 
3 


Totals. 


Less  ceased  by: 

Death  

Recovery  from 

disability  

Expiry  

Surrender  

Lapse  

Decrease  

Withdrawal  

Transfers  


Total  ceased  . 

In  force, 

Dec.  31,  1973..  .  . 

Reinsurance  in 
force,  Dec.  31,  1973 
Ceded  


81 


1,385 


Annual 

PAY- 
MENT 


2,519,595 
865,637 
6,308 


39,150 


3,430, 


Vested 


No. 


Annual 
pay- 
ment 


123 
14 


14  2 


639  1 


85,539 
71,499 
121,563 

168 


279,408 


3,151,282 


GROUP  ANNUITIES 


Deferred 


No. 

OF 
CON- 
TRACTS 


107,831 
19,856 


5,294 
168 
1,196 


134,345 


120 
2J37 


138 


2,857 


131,488 


70 


No. 

OF 
CER- 
TIFI- 
CATES 


78 


77 


1,907 

242 


2,149 


171 


24 


Annual 

PAY- 
MENT 


1,179,351 

44,323 


236,801 


Vested 


No. 

OF 
CER- 
TIFI- 
CATES 


Annual 

PAY- 
MENT 


157 


1.460,475 


3,883 


203 


1,946 


60,053 


19,091 
1,196 


84,223 


1,376,252 


24 


181 


148,181 


SETTLE- 
MENT 
ANNU- 
ITIES 


DISA- 
BILITY 

ANNU- 
ITIES 


No. 


Annual 

PAY- 
MENT 


8,695 

191691 


176 


12,896 


175.967 


70 


1,764 

"573 


2,337 


173,630 


6,732 


46,113 
27,105 


No, 


73,218 


3,025 


64 


5,294 


8,319 


64.899 


Annual 
pay- 
ment 


5,000 
3.160 


.160 


8,160 


600 


Statement  of  Business  in  Respect  of  Which  Reserves  Vary  Depending  Upon 
the  Market  Value  of  Specified  Groups  of  Assets 
(Segregated  Funds) 

Assets  (at  Market  Value  December  31,  1973)  ^ 

Total 

.  $  51,100 

Bonds   49,875 

Stocks,  preferred   431,136 

Stocks,  common  *  '  23,000 

Guaranteed  deposits   664 

cash  . —  •  ;;;  2,099 

Investment  income  due  and  accrued   $  101 

Other    _ 

  $  557,975 

Total   — 


Surplus. 


Liabilities 

  $  557,975 


  $  557,975 

Total  funds   — 


Reconciliation  of  Funds 

  $  498.606 

Funds  at  beginning  of  year   —13,013 

Net  balance  of  investment  operations  and  expenses   72,382 

Net  transfers  re  policyholders'  benefits    !  

  $  557,975 

FlINnS  AT  END  of  year    .  


102 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


1  M  Provovants  (CQHCl*d) 


Investment  Operations  and  Expenses 

Income: 

All  Funds 
Total 

$  1,894 
11,095 
4,335 

$ 

17,124 

N  E  1  PROFI  r  ON  S  A I  E  OF  INVESTMENTS  (excess  of  proceeds  over  market  value  at  beginning  of 
yc.ir  oi  .it  date  of  purchase  during  year): 

$ 

-19,802 
250 

$ 

-19,552 

I  MR]  \1  [ZED  APPRECIATION  IN  VALUE  OF  ASSETS  (change  in  market  values  since  beginning  of 
yeat  oi  .it  date  of  purchase  during  year) 

% 

257 
-8,225 

t 

-7,968 

S 

-27,520 

Expenses 

$ 

2,617 

$ 

2,617 

$ 

-13,013 

Amounts  Transferred  Re  Policyholders'  Benefits 

Transfers  and  payments  into  funds: 

Premium  allocations   5      qq  nnn 

Transfer  from  employees'  pension  fund   aa.uuu 

TOTAL   *  72'382 


The  fund  began  its  operations  in  August  1969  by  a  transfer  of  the  employer's  portion  of  the  reserve  of  the  Em- 
ployees' Pension  Fund  of  The  Canadian  Provident  and  of  the  reserve  of  one  of  our  non  par  Group  Annuity  contracts 
(D.A.  type).  No  other  contract  has  been  issued  to  date. 

There  is  a  guarantee  of  the  annuity  rates  which  will  be  applied  over  a  period  according  to  the  GA-1951  tables  with 
projection  C  and  with  interest  at  AH%  per  annum.  This  guarantee  applies  to  $342,657  only.  Also,  there  is  no  vested 
annuity  in  connection  with  this  guarantee.  Number  of  persons  covered  under  this  fund:  167. 


Statement  of  Unit  Values 


Fund 

NET  ASSET 

ACCUMULATION 
UNIT  VALUE 

Jan.  1,  1973 

Dec.  31,  1973 

Jan.  1,  1973 

Dec.  31.  1973 

The  Canadian  Provident  -  Segregated  Fund  

$498,606 

$557,975 

$13.76 

$13.47 

LIFE  INSURANCE  COMPANIES  FOR  1973 


103 


LES  PREVOYANTS  DU  CANADA — "PENSION  FUND" 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Comparative  Balance  Sheet 


Current  Prior 

year  year 

Investments:                                       ,             ...  «■     oon  ono  %     630  000 

Short  term  deposits  and  money  market  securities   *  2  gg'gg  *  3^sAS3 

Bonds   2'088'057  2'083'575 

Stocks....   4,538,403  4,068,227 

Mortgage  loans  Current PrIor' 

Real  estate   ^239   J*"! 

„XITe                                                                                 .  $  9,846,113  $  9,899,524 

Total  investments   50'900  62)186 

Cash  ■  •  •   90,810  77,000 

Investment  income,  due  and  accrued. .. .                       •  • .  •  •   '  12  12 

Outstanding  life  insurance  premiums  and  annuity  considerations   Jf,  gq7 

Account  receivable  -  The  Canadian  Provident   j5 

Annuities  receivable    


Total  assets. 


$  9,988,157  $10,039,434 


Liabilities  and  Equity 

ital  Fund    $  9-978'796  $10,028,745 

Amounts  on  deposit  with  the  company,'  pertaining  to  insurance  and  annuity  contracts  ^  2Q3 

and  including  interest  accumulations    ;    ' 

-         -                                                                                                          ....  $  9.979,812  $10,029,948 

Sub-total   577 

Accounts  payable                                                                                                            7  768  9,4S6 

Unclaimed  annuities    '  

Total  liabilities   »  9>988-157  !i°-°39-434 


$     401  122  $  405,604 

Premiums  and  annuity  considerations  


Net  investment  income. 


Summary  of  Operations  (Including  segregated  funds) 

700 J 85  646,776 

.    $  1,101,907  $  1,052,380 

1 OTAL  INCOME   '  

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement               ^  $  ^  130  318 

annuities  •  ■.  ■                                  '     '    oAm  '  2*534 

Taxes,  licences  and  fees,  excluding  investment  taxes  and  income  tax                                    q2  791  93  409 

Administration  charges   ;  LJ  

^                                                                                                                 $  1  211,150  $  1,226,261 

Total  expenses   *  l<*Ll<koyj  *  

Profit  before  gains  or  losses  on  investments                                        *  ~' 59  294  *  "'SuiO 

Net  gains  or  losses  on  investments    U_!___  -  

$    -A9,949  $  -128,771 

Net  profit   I_!_2L   — 


Capital  Fund  at  beginning  of  year. 


Capital  Account 

  $10,028,745  $10,152,516 


DECREASES 

c                                                                                $       49  949           $  123,771 
Balance  carried  from  summary  of  operations   *  '__  

$      49,949  $  123,771 

$10,028,745 


Total  decrease. 


Capital  Fund  at  end  of  year   $  9,978.796 


104 


ANNUAL  REPORT   -SUPERINTENDENT  OF  INSURANCE 


1  t's  Prvvoyants  (concl'd) 


Annuities  (Gross) 


ORDINARY  ANNUITIES 

Deferred 

Vested 

Number 

Units 

Number 

Units 

i  . .  .    ...  - .      m  K»-»»   'I  \  107'* 

172 

477 

44,158 
31 

103,238 
75 

Less  .  case. I  by: 

172 

477 

44,189 

103,313 

701 

1,620 

31 

75 

31 

75 

701 

1,620 

141 

402 

43,488 

101,693 

LIFE  INSURANCE  COMPANIES  FOR  1973 


105 


RELIABLE  LIFE  INSURANCE  COMPANY 

Head  Office,  Hamilton,  Ont. 

Officers.  -  Chairman  of  the  Board,  J.  H.  Jarrell;  President,  W.  R.  Stover;  Executive  Vice-President,  A.  T.  Chmiel; 
Vice-Presidents,  J.  R.  Freeman,  C.  Jordan,  R.  B.  Lee,  G.  C.  Hunt,  R.  N.  Tyler;  Secretary-Treasurer,  C.  S.  Wilkes. 

Directors.  -  A.  T.  Chmiel.  J.  R.  Freeman,  J.  H.  Jarrell,  W.  R.  Stover,  C.  S.  Wilkes. 

Auditors.  -  Coopers  and  Lybrand. 

Dale  of  Incorporation.  -  Dec.  11,  1963.  Commenced  Business  in  Ontario.  -  Jan.  1,  1964. 
Provinces  in  which  licensed.  -  Ontario,  Quebec  and  British  Columbia. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

Capital  stock  authorized: 

Amount  -  Common.  $2,000,000. 

No.  of  shares  -  Common,  20,000;  par  value  $100. 

No.  of  Amount  Amount 

Shares         Subscribed     Paid  in  Cash 

Capital  stock  issued  and  outstanding  at  beginning  and  at  end  of  year         10.000  $1.000,000  $1.000,000 

Premium  of  Capital  Stock 

Total  amount  paid  at  beginning  and  at  end  of  year   $  1.100,548 


Comparative  Balance  Sheet 

ASSCtS                               Current  Year  Prior  Year 

Investments.^  depositg  and  money  market  securities   $  fo2'o2n  $/.  «o«'??S 

MorSage-ioans:.v.::::::::: :::::::::: ::::::::::::::   532,366  828.911 

Current  Prior 

Real  estate    235,572  245.680 

EncuXScek.::::                                 -  sow  205,733  195,451 

Policy  loans   251,117  233,420 

Collateral  loans     10'000 

Total  investments   $6,503,646  $6,258,141 


Cash. 


  28,810  74,167 

Investment  income  due  and  accrued   12J^oZn  Hlofo 

Outstanding  life  insurance  premiums  and  annuity  considerations   4b, <J/U 

Accident  and  sickness  premiums  due  and  unpaid   aiqIq  79H 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid   innnn 

Collateral  loan  (non  interest  bearing)   1  qqq  **04 

Accounts  receivable    l,a99   au* 

Sub-total   ^,759051 

Segregated  funds   140,940  146,993 

Total  assets   $6.899,991  $6,674,677 

Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force   ^3,ciI'?Jn  ^3'^?r'^q7 

Aggregate  reserve  for  accident  and  sickness  insurance   578,150  5l»,dy/ 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts 

and  including  interest  accumulations   234.U/U  /uz.uzo 

Provision  for  dividends  to  policyholders  (other  than  deferred  dividends)  payable  in 

the  following  year   43,000  44'00() 

Sub-total    $4,073,048  $4,094,146 

Segregated  funds  (allocated  from  Life  Fund  $100.000)   140,940  146.993 

Sub-total   $4,213,988  $4,241,139 


106 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Reliable  Life  (cont'd) 

Current  Year 

Outsta.ul.nK  claims  under  Insurance  and  annuity  contracts,  including  provisions  for  ggg  ^ 

unreported  claims  •  ■  •  •  •.  •  vv  '  -  V  ' ' " ' 35  556 

Insurance  premiums  and  annuity  considerations  received  in  advance   2  810 

I    \      „ds  to  |)olicyholders.  due  but  unpaid   5'771 

Miscellaneous  policyholders'  liabilities   56*364 

Account    payable  and  accrued  expenses  

Hank  overdrafts  and  borrowed  money.  •  10  256 

Amounts  received  but  not  yet  allocated   60838 

Outstanding  premium  balances  due  reinsurers   6,591 

Miscellaneous  liabilities   10,000 

Provision  for  income  tax  ...•■>   330,732 

Group  Cr.  l'.CA.  Contingent  Liability   104  373 

Employees'  pension  and  insurance  funds   85  000 

Provision  for  future  dividends  on  policies   

$5,315,847 

Total  LIABILITIES   . 

9*  equity  $  322,996 

Surplus  in  par  fund   2,660 

Investment  reserve  par  fund.  .  .   7,939 

Investment  reserve  non  par  fund  

Shareholders'  equity:  1,000,000 

Capital  stock  paid  in.   1,000,548 

Surplus  in  shareholders  fund   —719,999 

Surplus  in  non  par  fund    .  

$1,584,144 

Total  Equity   

  $6,899,991 

Total  liabilities  and  equity   _ 


Prior  Year 

400,760 
41,187 
2,343 
7,908 
69,965 
378 
11,592 
51,761 
3,873 
14,540 
122,592 
93,294 
85,000 

$5,146,332 


$  254,559 
2,588 
5,411 

1,000,000 
1,000,548 

-734,761 

$1,528,345 
$6,674,677 


Summary  of  Operations  (Including  segregated  funds) 

.  ,                                                                        ....  $1,838,374 

Premiums  and  annuity  considerations   •  •  •  •  ■  ■  •  •  ■  •  ■ ■ ;  ■ ■  ■  •  •     Y74  h 

Contributions  to  employees'  pension  and  insurance  funds,  includmg  $A574  by 

employees   443,789 

Net  investment  income  •  •  •  ■  •  •   3,849 

Net  investment  income,  segregated  fund  

Equity  discharge  fees  . .  ■  12 

Realized  gain  {loss)  segregated  fund  assets  only.   -15,185 

Unrealized  gain  (loss)  segregated  fund  assets  only   

$2,282,040 

Total  income    .  . 

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement  $ljmjm 

annuities  •  •  •.  v  ;  v 5,664 

S^Z^T^^^S^l^  due  toefcanse,  in  vasion  ^ 

bases)  •   —6, OSS 

Increase  in  segregated  fund  .  •  •  •  •  •   •  •  •  ■  •  59,753 

Increase  in  aggregate  reserve  for  accident  and  sickness  insurance   n  079 

Increase  in  employees'  pension  and  insurance  iunds   10,456 

Interest  credited  to  amounts  on  deposit  with  the  company  •  •  •  •  •  •  •  •  •  _s2? 

Ta^e" licences1  Tnd  fees,'  excluding*  investment  taxes  and  income  tax   339',047 

Commissions  on  insurance  premiums  and  annuity  considerations   370,453 

General  expenses  (excluding  investment  expenses)    _ 

$1,981,585 

Total  expenses    _ — 

Profits  before  gains  or  losses  on  investments,  dividends  to  policyholders  and  income     $  ^  ^ 

tax  38,943 

Dividends  to  policyholders   ■  208,140 

Increase  P.C.A.  Group  Cr.  Contingent  Liabilities  5,282 

Group  experience  refund   

Profit  before  gains  or  losses  on  investments  and  income  tax   $  48,090 

Net  gains  or  losses  on  investments  (other  than  segregated  fund)    ;  

$     51  259 

Profit  before  income  tax  ....'..[....  -4.540 

Income  tax   ■  

$  55,799 

Net  profit   — 


$1,876,359 

11,619 
346.317 
3.843 
61 
9,427 
15,447 

$2,263,073 


$1,401,662 
9,058 

-20,089 
32.279 
-29,239 
7,761 
8,881 
-10 
42,209 
350,944 
421,752 


$2,225,208 

$ 

37,865 

41,054 

122,592 

$ 

-125,781 

-12,190 

i 

-137,971 

-4,400 

$ 

-133,571 

Surplus  Account 

Surplus,  at  beginning  of  year: 

$1,000,548 

In  shareholders'  fund   •  •  •  ■ •  •  •   -734,761 

In  insurance  and  annuity  funds  -  shareholders   254,559 

In  insurance  and  annuity  funds  -  policyholders   __  , 

INCREASES 

Contributed  Surplus  by  Shareholders.  | 55J99 

Balance  carried  from  Summary  of  Operations   

$  55,799 

Total  increase    .  


$  345,470 
-466,845 
120,220 


$  655,078 


$  655,078 


LIFE  INSURANCE  COMPANIES  FOR  1973 


107 


Reliable  Life  (cont'd) 


DECREASES                            Current  YEaR  Prior  Year 

Balance  carried  from  summary  of  operations  ••  »»»»•  $  13o'f-fi 

Investment  reserve  increase                                                                                       *      AOUU  t'VW^ 

Increase  in  actuarial  reserves  due  to  changes  in  valuation  basis   —  i  o^n 

Transfer  of  liability     1»^4a 

Total  decrease  before  dividends  to  shareholders                                  $      2,600  8  133,577 

Net  increase                                                                                             S     53,199  $  521,501 

Surplus,  at  end  of  year: 

In  shareholders' fund                                                                                         ^-f'f  $1,2S?'^? 

In  insurance  and  annuity  funds  -  shareholders                                                           oSo'nnp  oof'^o 

In  insurance  and  annuity  funds  -  policyholders                                                            6Z<j,yy<o  zoi.bM 


Summary  of  Operations 
Accident  and  Sickness 
(Included  in  Summary  of  Operations  -  All  Business) 

Premiums  written   ^'J™'??* 

Reinsurance  ceded   l/u.n* 

Total   *  953,115 

Increase  in  reserve                                                                                                           1  <bUH  t  orq  ooi 

Increase  in  reserve  for  unearned  premiums  at  80%                                                          —14.1*°  *  yoa.y^i 

Claims  paid  -  Net   $  651,104 

Increase  in  Provision  for  unpaid  claims   ~f RQ(.  9Q7 

Increase  in  present  Value  of  Amounts  not  due  on  claims                                                     ' o.oo^  oso.m/ 

$  283,624 

Commissions   $  2?n'Si§ 

TaTM    19,7o7 

cln1rai'Expenses.v.'.::::: :::::::                                      199.682  515,502 

Net  underwriting  loss   S  —231,878 


EXHIBITS 


Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

Total 

Ordinary 

Group 

Partici- 
pating 

Non- 

PARTICI- 
PATING 

Non- 

PARTICI- 
PATING 

Net  of  reinsurance  ceded: 

$ 

$ 

% 

568,084 

$ 

568,084 
38,747 
278,428 

16,979 
198,537 

21,768 
79,723 

168 

215,516 

101,491 

568,252 

885,259 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


Classification 

PARTICI- 
PATING 

NON- 
PARTICIPATING 

Total 

Ordinary 

Ordinary 

Group 

$ 

8,351,621 
3,123,084 
242,404 
525,420 

$ 

3,628,821 
38,225 
5,307,065 
1,810,539 
3,246,110 

$ 

S 

11,980,442 
3,161,309 
111,738,648 
2,335,959 
3,246,110 

106,189.179 

12,242,529 

14,030,760 

106,189,179 

132,462,468 

(08  ANNUAL  REPORT     SUPERINTENDENT  OF  INSURANCE 

Reliable  I  Ife  (cont'd) 


General  and  Investment  Expenses 
(Including  Segregated  Funds) 


Life 

Accident 

and 
Sickness 

Investment 

Total 

RENT 

$ 

5,841 

$ 

7,601 

$ 

650 

$ 

14,092 

5,841 

7,601 

650 

14,092 

SALARIES.  WAGES  AND  ALLOWANCES 

63,974 
5,450 
-678 

88,873 
3  050 
-3,979 

10,181 

163,028 
8,500 
-4,657 

68,746 

111  OQ 

99.073 

10,181 

11,129 
178,000 

CONTRIBUTIONS  TO  EMPLOYEES'  AND 
AGENTS'  WELFARE 

3,365 
851 
959 

1,055 

4,377 
1,018 
1  117 
l',261 

395 
111 
113 
137 

8,137 
1,980 
2,189 
2,453 

6.230 

7,773 

756 

14,759 

PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

2,402 
1,069 
1,675 
4,229 
27,858 

1,458 
3,587 
5,479 
3,306 
4,585 

105 

3,965 
4,656 
7,154 
8,635 
32,658 

1,100 
215 

37,233 

18,415 

1,420 

57,068 

MISCELLANEOUS  EXPENSES 

531 
163 
685 
313 

475 
168 
942 
191 

1,006 
346 

1,627 
504 

8,424 

2,520 
19,222 
48,905 

1,970 
30,591 

9,572 

4  693 

15 

1,213 
7,254 

18,432 
368 

16,360 
5,625 
1,777 

1,182 
11,348 

iJU.oOO 

1,602 
13,796 
3,947 
2,801 

8,424 
125 
620 
105 

Rental  of  equipment,  tabulating  and  miscellaneous  services 

435 
115 

52,721 

66,820 

9,839 

129,380 

REAL  ESTATE  EXPENSES.  EXCLUDING  TAXES 

3,146 

3,146 

3,146 

3,146 

170,771 

199,682 

25,992 

396.445 

LIFE  INSURANCE  COMPANIES  FOR  1973 


109 


Reliable  Life  (cont'd) 


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110 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Reliable  Life  (cont'd) 


3  « 

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urn 


LIFE  INSURANCE  COMPANIES  FOR  1973 


111 


Reliable  Life  (cont'd) 


Summary  of  Reserve 


Reserve  for  policies  and  contracts  in  force: 

Total  

Deduct  reserve  for  reinsured  contracts: 

Participating 
$ 

2,991,965 

Non- 
Participating 
$ 

579,510 

Total 
$ 

3,571,475 

2,991,965 

579,510 

3,571,475 

102,387 

217,473 

319,860 

Total  reinsurance  

Reserve  -  net  of  all  reinsurance  

Deduct  deferred  life  insurance  premiums  and  annuity  considerations 

102,387 

217,473 

319,860 

2,889,578 
15,392 

362.037 
18,345 

3,251,615 
33,737 

Net  reserve  carried  in  liabilities  

2,874,186 

343,692 

3,217,878 

Statement  of  Actuarial  Liabilities 

The  following  mortality  and  interest  bases  were  employed  with  the  stated  valuation  methods: 

Period  of  Issue  Plans  Mortality,  Interest  and  Method 

Prior  to  October  1,  1937  All  Adult  Plans  A.M.  (5)  3%  N.L.P. 

October  1,  1937  to  December  31.  1943  All  Adult  Plans  A.M.  (5)  3H%  Can.  Mod. 

January  1,  1944  to  March  31,  1958  All  Adult  Plans  A.M.  (5)  3%  Can.  Mod. 

April  1,  1958  to  December  31,  1963  Level  Term  Plans  1958  C.S.O.  3^%  Can.  Mod. 

April  1,  1958  to  December  31,  1963  Family  Income  Benefits  1958  C.S.O.  3^%  N.L.P. 

April  1.  1958  to  December  31.  1963  All  other  Adult  Plans  1941  C.S.O.  3^%  Can.  Mod. 

Prior  to  July  1,  1939  All  Juvenile  Plans  A.M.  (5)  3%  N.L.P. 

July  1,  1939  to  December  31.  1943  All  Juvenile  Plans  A.M.  (5)  3J^%  N.L.P. 

January  1,  1944  to  March  31.  1958  All  Juvenile  Plans  A.M.  (5)  3%  N.L.P. 

April  1.  1958  to  December  31,  1963  All  Juvenile  Plans  1941  C.S.O.  SH%  Can.  Mod. 

Fully  continuous  functions  were  employed  with  respect  to  all  the  above  groups,  and  curtate  functions  were 
employed  with  respect  to  all  the  following  groups. 

January  1.  1964  and  after  Pension  Bond,  par  1958  C.S.O.       3%  N.L.P. 

January  1,  1964  and  after  Family  Income  Rider  1958  C.S.O.  3lA%  N.L.P. 

January  1,  1964  and  after  Reducing  Term  Rider  1958  C.S.O.  SV2%  N.L.P. 

January  1,  1964  and  after  Family  Plan  Benefit  1958  C.S.O.  N.L.P. 

January  1,  1964  and  after  All  other  participating  policies  1941  C.S.O.  3J^%  Can.  Mod. 

January  1,  1964  and  after  All  other  non-participating  policies  1958  C.S.O.  3J^%  Can.  Mod. 

The  reserves  on  the  decreasing  term  portion  of  the  Canadian  Investors  Policies  were  calculated  as  though  such 
insurance  portion  were  20  year  reducing  term  with  uniform  reductions.  Reserves  on  group  creditor's  life  (Farm  Plan) 
were  calculated  by  applying  Commissioner's  1960  Standard  Group  Mortality  rates  for  the  unexpired  term.  Reserves 
for  the  other  group  life  policies  (Student  Accident)  and  on  the  special  decreasing  term  life  policies  issued  in  connection 
with  accident  and  health  policies  were  calculated  as  80%  of  the  gross  unearned  premiums. 

Disability  benefits  on  active  policies  and  payor  benefits  on  juvenile  policies  were  calculated  as  50%  of  the  gross 
premiums  for  such  benefits,  which  it  was  assumed  would  average  $0.10  per  month  per  $1,000.  For  disabled  lives  and 
applicants  premium  waiver  claims,  reserves  were  established  equal  to  the  present  value  of  gross  premiums  to  be  waived. 

A  reserve  of  $2.00  per  $1,000  was  established  for  all  policies  which  include  the  accidental  death  benefit. 

A  reserve  equal  to  50%  of  the  annual  premiums  for  the  rider  was  established  for  the  Guaranteed  Insurability  Rider. 
Allocation  of  surplus 

During  1973  no  portion  of  the  profits  earned  in  the  participating  fund  was  transferred  to  the  shareholders  fund. 
The  annual  dividends  paid  in  1973  were  computed  by  a  two-factor  formula  on  the  following  experience  assump- 
tions, subject  to  a  minimum  dividend  of  $.50  per  thousand. 

(i)  Mortality  -  CA  (1952-56)  ultimate  prepared  by  the  Canadian  Association  of  Actuaries; 

(ii)  Interest  -  5%; 

(iii)  Expenses  -  modified  Canadian  company  average  expenses.  Per  policy  expenses  were  translated  to  per  thousand 
expenses  according  to  average  size  policies  based  on  business  in  force. 

Accident  and  Sickness  Insurance 
Ordinary  non- participating: 

The  sickness  benefit  was  valued  at  60%  of  the  unused  benefit  and  the  funeral  benefit  was  valued  at  60%  of  the 
death  benefit. 

A  reserve  for  the  accidental  death  benefit  in  some  of  the  policies  was  included  of  $2.00  per  $1,000  of  insurance. 
Group  non- participating: 

These  reserves  were  calculated  as  80%  of  the  gross  unearned  premiums. 
Claims  reserves:  (present  value  of  amounts  not  yet  due  on  claims) 

These  were  calculated  on  the  basis  of  life  annuities  for  the  period  of  waiver,  without  allowance  for  recovery. 


112 


AN  NUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Reliable  l  ife  (cont'd) 


Life  Insurance  Policies  (Gross) 


Classification 


In  force.  December  31,  1972 

New  effected  

OKI  revived  

Old  increased  

Totals  

Less  ceased  by: 

Death  

Maturity  

Expiry  

Surrender  

Lapse  

Decrease  

Withdrawal  

Total  ceased  

In  force,  December  31,  1973 


ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number 
Policies 

Number 
tificates 

Amount 

Number 

Amount 

9.395 
1,122 
304 

$ 

20.385,433 
4.342,974 
720,906 
6,000 

24 
22 

174,279 
27,911 

$ 

136,182,499 
111,216,342 

9,419 
1,144 
304 

$ 

162,567,932 
115,559,316 
720,906 
6,000 

10.821 

31,455.313 

46 

202,190 

247,398,841 

lU.oO/ 

97R  8^4  154 

109 
129 
1,600 
208 
113 

187,050 

137,818 
2,584,692 

460,992 
1,550,143 

261,329 

67 

341,400 

109 
129 
1,623 
208 
113 

528,450 
137,818 
142,469,615 
460,992 
1,550,143 
261,329 
983,339 

23 

174,805 

139,884,923 

141 

983,339 

2,159 

5,182,024 

23 

175,013 

141,209,662 

2,182 

146,391.686 

8.662 

26,273,289 

23 

27,177 

106,189,179 

8,685 

132,462,468 

Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


Classification 

NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsurance 
Ceded 

Net 

Direct 
Written 

Reinsurance 
Ceded 

Net 

$ 

4,342,974 
111,216,342 

$ 

1,350,059 
23,793,377 

$ 

2,992,915 
87,422,965 

$ 

26,273,289 
106,189,179 

$ 

7,662,969 
22,328,868 

$ 

18,610,320 
83,860,311 

115,559.316 

25,143,436 

90,415,880 

132,462,468 

29,991,837 

102,470,631 

Statement  of  Business  in  Respect  of  Which  Reserves  Vary  Depending  Upon 
the  Market  Value  of  Specified  Groups  of  Assets 
(Segregated  Funds) 

Assets  (at  Market  Values  December  31,  1973)  A  Tota!™5 

  $  3,431 

Stocks  -  preferred  ...... ...Y...  .   125,419 

-common     — 199 

Cash     2,254 

Amounts  due  from  other  funds     10,000 

Short  term  ■  •   35 

Investment  income  due  and  accrued   ■ 

  $  140,940 

Total   i 

Liabilities 

Funds  held  for  the  benefit  of  policyholders:    $  29,382 

Amounts  on  deposit  •  •  •  •     111,558 

Amounts  transferred  from  other  funds   

  $  140,940 

Total  funds   . 

Reconciliation  of  Funds 

  $  146,993 

Funds  at  beginning  of  year   —13,618 

Net  balance  of  investment  operations  and  expenses     7(565 

Net  transfers  re  policyholders'  benefits   

  $  140,940 

Funds  at  end  of  year   ~~ 


LIFE  INSURANCE  COMPANIES  FOR  1973  113 


Reliable  Life  (concl'd) 

Investment  Operations  and  Expenses 

All  Funds 

Income  Total 

Dividends  on  stocks   $        3 -376 

Interest  on  deposit  account   ™° 

Interest  on  short  term    

Total  income   $  3'849 

NET  PROFIT  ON  SALE  OF  INVESTMENTS  (excess  of  proceeds  over  market  value  at  beginning  of 
year  or  at  date  of  purchase  during  year): 

Gain  or  loss  on  stocks    

Total  gain  or  loss  on  sale  of  investments    12 

UNREALIZED  APPRECIATION  IN  VALUE  OF  ASSETS  (change  in  market  values  since  beginning 
of  year  or  at  date  of  purchase  during  year): 

Appreciation  or  depreciation  on  stocks   ®  —lb,i$b 

Total  unrealized  appreciation  or  depreciation   $  —15,185 

Total  capital  gain  or  loss   $  —15,173 

Expenses 

Management  fees   $  2,151 

Charges  on  bonds    

Total  expenses   $  2,294 

Net  balance  carried  to  reconciliation  of  funds   $  —13,618 


Amounts  Transferred  Re  Policyholders'  Benefits 


Transfers  and  payments  into  funds: 

  $ 

10,120 

  $ 

10,120 

Transfers  and  payments  from  funds: 

  $ 

2,555 

  $ 

2,555 

  $ 

7,565 

Statement  of  Unit  Values 


ACCUMULATION 

Fund 

NET  ASSET 

UNIT  VALUE 

Jan.  1,  1973 

Dec.  31.  1973 

Jan.  1,  1973 

Dec.  31,  1973 

$146,993 

$140,940 

$12.25 

$11.16 

I 


lit 


ANNUAL  IMPORT  — SUPERINTENDENT  OF  INSURANCE 


SEABOARD  LIFE  INSURANCE  COMPANY 

Head  Office,  Vancouver,  B.C. 

OJuers  Chairman  oi  the  Board,  C.  A.  Allard;  Deputy  Chairman,  E.  A.  Rodko;  President,  G.  E.  Arnell;  Secretary 
J,  M  Burnett,  Aaiatant  Secretary,  K.  F.  Rudd.  Executive  Vice-President,  G.  J.  Chambers. 

/>..,  ton  M  s  Ferguson,  C.  A.  AUard,  Z.  Feldman,  T.  L.  McMaster,  E.  A.  Rodko,  H.  J.  Seed.  H.  L.  Patrick, 
P,  A.  Allurd,  G.  E.  Axnell. 

Auditors  -  Peat.  Marwick,  Mitchell  &  Co. 

Doll  of  Incorporation.  -  1953.  Date  Commenced  Business  in  Ontario.  -  1961. 

Provinces  <>:  Which  Licensed.  -  Alberta,  British  Columbia,  New  Brunswick,  Ontario,  Saskatchewan,  Yukon 
and  NAV.T. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

Common 

Number      Par  Value      Amount  Total 
Authorized   1,000,000  $2.00  $2,000,000  $2,000,000 

No.  of       Amount  Amount 
Shares     Subscribed  Paid  in  Cash 
Common  shares  at  beginning  and  end  of  year   539,823      $1,079,646  $1,079,646 

Premium  on  Capital  Stock 

Total  amount  paid  at  beginning  and  end  of  year   $1.6o6,110 


Comparative  Balance  Sheet 

Assets  Current 

Year 

Investments:                                       ...  «   ~,m  nnn 

Short  term  deposits  and  money  market  securities   »g  jgjj'ggg 

**on?s  ;;;;;;  293)872 

I"**8--",   3,453,166 

Mortgage  loans   317  669 

Policy  loans   16  156 

Real  estate   ' 

Total  investments   $7,480,851 

„    .    71,158 

Cash   oo  Q83 

Investment  income,  due  and  accrued. . . .  

Outstanding  life  insurance  premiums  and  annuity  considerations   3336 

Accident  and  sickness  premiums  due  and  unpaid  .\ i  iw 

Amounts  due  from  other  companies  on  reinsured  contracts  for  claims  paid   ii.ou* 

Cash  surrender  value  -  Life  insurance  Policy  -  premiums  i&j'i 

Miscellaneous  accounts  receivable   60*775 

Due  from  reinsurer  -  overpayment  premiums .   28041 

Due  from  reinsurer  -  experience  rating  refunds   ' 

.   .  $7,831,058 

Sub-total   *  •  ' 

.  ,     .    1,484,094 

Segregated  funds    ;  . 

TOTAL  ASSETS   19,315,152 

Liabilities  and  Equity 

Actuarial  reserve  for  life  insurance  and  annuity  contracts  in  force   S4'lfio'?oo 

Aggregate  reserve  for  accident  and  sickness  insurance   •  •  ■  •  ■  ■  • •  •  ■  •  1U^- 

Amounts  on  deposit  with  the  company,  pertaining  to  insurance  and  annuity  contracts  and  ^ 

including  interest  accumulations   ' 

_    $6,338,037 

Sub-total   ' 

.  .     .    1,484,094 

Segregated  funds    .  

.  .  .  $7,822,131 

Sub-total   ' 

Outstanding  claims  under  insurance  and  annuity  contracts,  including  provisions  for  un-  ^  ^ 

reported  claims   ^'^17 

Insurance  premiums  and  annuity  considerations  received  in  advance   143  490 

Accounts  payable  and  accrued  expenses   108*654 

Amounts  received  but  not  yet  allocated   2  352 

Outstanding  premium  balances  due  reinsurers   7*560 

Due  mortgagors  -  prepaid  taxes    ' 


Prior 
Year 

$1,085,000 
2,898,938 
376,901 
1,747,773 
291,729 


$6,400,341 

86,695 
73,221 
87,786 
14,885 
575 
10,259 
1,189 


$6,674,951 
1,436,076 
$8,111,027 


$4,047,934 
133,000 

1,245,362 
$5,426,296 

1,436,076 
$6,862,372 

370,575 
2,461 
107,122 
82,215 
255 
2,451 


LIFE  INSURANCE  COMPANIES  FOR  1973 


115 


Seaboard  Life  (cont'd) 


CURRENT  PRIOR 
YEAR  YEAR 


Policyholders' equity:  /Mrq 

Surplus  in  par  fund   $  -468,689  $ 

Investment  reserve  par  fund   01 'Too  ir'ooc 

Investment  reserve  non  par  fund   di.i^H  io,<j«jo 

Shareholders'  equity:  -  n_n  RAR 

Capital  stock  paid  in   S*?fn  Siln 

Surplus  in  shareholders' fund   H5SK£2  !«/5«aV 

Surplus  in  non  par  fund   -1,546,273  -1,643,651 

Total  equity   $  768,803  $  683,576 

Total  liabilities  and  equity   $9,315,152  $8,111,027 


Summary  of  Operations  (including  segregated  funds) 

Premiums  and  annuity  considerations   ?4'.™'q7q  *4,SJSo?1 

Net  investment  income   lo'tl-  ±oit% 

Net  investment  income,  segregated  fund   Ta'^rp  i*?7n 

Reinsurance  experience  refunds   1.4,000 

Other   

Realized  gain  (loss)  segregated  fund  assets  only  

Unrealized  gain  (loss)  segregated  fund  assets  only   —iai,4Vb  n  ,0*1 

Total  income   $4,977,671  $4,500,683 

Claims  incurred  under  insurance  and  annuity  contracts,  other  than  under  settlement 

annuities   $1,457,979  *l,Ztt'iRM 

Normal  increase  in  actuarial  reserve  (excluding  increase  due  to  changes  in  valuation  bases)  70°'2?i*  Y««  «"i 

Increase  in  segregated  fund       48,018  166.654 

Increase  in  aggregate  reserve  for  accident  and  sickness  insurance   i-'lvi  ra7S« 

Interest  credited  to  amounts  on  deposit  with  the  company   4qq  1  4^0 

Interest  on  claims  •  :   kg  hka 

Taxes,  licences  and  fees,  excluding  investment  taxes  and  income  tax   74 ,/4o  ono'coi 

Commissions  on  insurance  premiums  and  annuity  considerations   -189 ,512  i&Z'2tk 

General  expenses  (excluding  investment  expenses)   1'„Z'a£a 

Segregated  fund  expenses   25>494  22'595 

Total  expenses   $3,321,867  $3,490,542 

Profits  before  gains  or  losses  on  investments,  dividends  to  policyholders   1,655,804  1,010,141 

Dividends  to  policyholders   369. 132  153,792 

Group  experience  refund   l,19to,So-3  tv~,iv* 

$     89,819  $  63,945 


Profit  before  gains  or  losses  on  investments. 


Net  gains  or  losses  on  investments  (other  than  segregated  fund)   -4,592  40,050 

Net  profit   $     85,227  $  103,995 


Surplus  Account 

^F.&fc&u^r.   S1.65W10  tl.JW.7tt 

In  insurance  and  annuity  funds  -  shareholders   ~  '  ,in%%o  ~   %/*  q%i 

In  insurance  and  annuity  funds  -  policyholders   -429,779  Z43,yzi 

INCREASES 

Balance  carried  from  summary  of  operations   $     85,227  $  103,99a 

Total  increase   $     85,227  $  103.995 

DECREASES 

Increase  in  valuation  reserve   $     21,759  $     1  ifiiq 

Legal  fees  re  issuance  of  shares     ' 

Total  decrease   $     21,759  $  23,369 

Net  increase   $     63,468  $  80,626 

Surplus,  at  end  of  year  .      it_  R,R  11f> 

In  shareholders' fund   $H%'U2  'J'^'W? 

In  insurance  and  annuity  funds  -  shareholders   ~  '  rXraa  Sivav/Q 

In  insurance  and  annuity  funds  -  policyholders   -463,689  uty,t  ix 


I 


lit) 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Seaboard  Life  (cont'd) 

Summary  of  Operations 
Accident  and  Sickness 
(Included  in  Summary  of  Operations  —  All  Business) 

Premiums  written                                                                             *  48?'fil2 

Reinsurance  Coded  •   ''0i0 

$  477,795 

Increase  in  reserve  for  unearned  premiums  at  80%   -29,100          %  448,695 

Claims  Paid  -  Net                                                                                                  $  24?'tln  ov> 

Increase  in  Pro\  ision  for  unpaid  claims   -7,UW  ^,ouo 

$  216,190 

Commissions                                                                                                         $  lo'wt 

*****  154!060  252,355 

General  Expenses   1   ;  

Net  underwriting  profit  (loss)   j  —36,165 


EXHIBITS 


Assurance  Premiums  and  Annuity  Considerations 


Classification 

LIFE  ASSURANCE 

ANNUITIES 

Total 

Ordinary 

Group 

Ordinary 

Partici- 
pating 

Non- 
partici- 
pating 

Non- 
partici- 
pating 

Non- 
partici- 
pating 

Net  of  reinsurance  ceded: 

$ 

10,069 
553,110 

$ 

1,940 
183,758 
459,914 

$ 

2,298,833 
40,595 
87,265 

$ 

172,992 
63,072 
215,785 

$ 

2,483,834 
287,425 
1,316,074 

563,179 

645,612 

2,426,693 

451,849 

4,087,333 

Gross  Amount  of  Life  Insurance  in  Force,  Classified  by  Plan  of  Policy 


Classification 

PARTICI- 
PATING 

NON- 
PARTICIPATING 

Total 

Ordinary 

Ordinary 

Group 

$ 

16,858,020 

$ 

13,350,800 
6,996,970 

31,426,860 
2,275,511 

n  S 

$ 

30,208,820 
6,996,970 

67,280,051 
2,487,393 

211,882 

35,853,191 

17,069,902 

54,050,141 

35,853,191 

106,973,234 

LIFE  INSURANCE  COMPANIES  FOR  1973 


117 


Seaboard  Life  (cont'd) 


General  and  Investment  Expenses 
(Including  Segregated  Funds) 


RENT 

Head  office  

Branch  office  

Utilities  and  building  maintenance  

Total  

SALARIES,  WAGES  AND  ALLOWANCES 

Head  office  employees  

Branch  office  employees  

Managers  and  agents  

Agents'  expense  allowances  

Advance  to  agents  

Total  

CONTRIBUTIONS  TO  EMPLOYEES  AND 
AGENTS'  WELFARE 

Pension  and  insurance  funds  for  employees  

Unemployment  insurance  

Canada  and  Quebec  Pension  plans  

Miscellaneous  employee  welfare  

Contributions  to  provincial  health  insurance  plans  

Total  

PROFESSIONAL  AND  SERVICE  FEES 
AND  EXPENSES 

Legal  fees  and  expenses  

Medical  examination  fees  

Inspection  report  fees  

Auditors'  fees  

Consultant  fees  not  included  above  

Total  

MISCELLANEOUS  EXPENSES 

Advertising  and  sales  promotion  

Agency  conventions  

Books  and  periodicals  

Bureau  and  association  dues  

Collection  and  bank  charges  

Commissions  on  mortgages  

Custody  of  securities  

Insurance,  except  on  real  estate  

Postage,  telegraph,  telephone,  express  

Printing  and  stationery  

Office  furniture  

Rental  of  equipment,  tabulating  and  miscellaneous  services 

Travelling  expenses,  head  office  

Travelling  expenses,  branch  office  

Miscellaneous  expenses  

Total  

REAL  ESTATE  EXPENSES  

|  Total  

GRAND  TOTALS  

Segregated  funds  general  expenses  

Total  general  expenses  


Life 


21,599 
20,541 
9,669 


51,809 


256,701 
22,580 

141,349 
10,655 
5,529 


436,814 


1,571 
2,326 
3,310 
1,091 
1,571 


23,880 
8.073 

10,725 
5,740 

57,670 


106,088 


29,455 
17,283 
2,252 
3,875 
493 


1,783 
29,008 
62,395 

2,750 
66,699 
14,614 
50,827 
14,790 


296,224 


900,804 


■21,525 


879,279 


Accident 

and 
Sickness 


3,726 
3,544 
1,668 


8,938 


44,283 
3,895 

24,384 
1,838 
954 


75,354 


271 
401 
570 
188 
271 


Investment 


1,701 


4,119 

452 
1,459 

990 
9,948 


16,968 


5,081 
2,981 
389 
668 
85 


307 
5,004 
10,764 
474 
11,506 
2,521 
8,768 
2,551 


51,099 


154,060 


154,060 


$ 

1,877 


733 


2,610 


22,000 


22,000 


137 
202 
288 
95 
137 


859 


300 


10,133 


10,433 


8,887 

2,879 
155 

1,585 
300 
127 

1,208 
44 


15,185 


75 


75 


51,162 


-8,181 


48,031 


lis 


AN 


NUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Seaboard  Life  (cont'd^ 


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uu 


LIFE  INSURANCE  COMPANIES  FOR  1973 


119 


Seaboard  Life  (cont'd) 


00  OO  COCO 
C3<N  — "* 


If 
z  ^ 


O  00  CO  00 

ooajr-io5 

0005  00 


^11^ 
<l>  i~  n  <u 
o  oj  e  o 

(/>.*_  e  to 


L20 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Seaboard  Life  (cont'd) 


Summary  of  Reserve 


Partici- 
pating 

Non- 
partici- 
pating 

Total 

Reserve  for  policies  and  contracts  in  force: 

$ 

1,005,446 

$ 

3,871,623 
724,876 

$ 

4,877,069 
724,876 

1,005,446 

4,596,499 

5,601,945 

Deduct  reserve  for  reinsured  contracts: 

30 

742,803 

742,833 

30 

742,803 

742,833 

Deduct  deferred  life  insurance  premiums  and  annuity  considerations  less 

1,005,416 
6,266 

3,853,696 
98,359 

4,859,112 
104,625 

999,150 

3,755,337 

4,754,487 

Statement  of  Actuarial  Liabilities 

Annuity  plans  valued  on  4%  interest  to  maturity  date  and  the ,37 ^^^"^S^  ^InStand 
years,  with  3%  interest  thereafter  except  that  single  premium  immediate  annuities  were  valued  on  * /0 
37  Standard  Annuity  Table.  .    ,  .        ,     0  ,„   f  QnC/ 

^iS«fa«^^ 

in  'iSSlt  been  valued  using  the  !952  DisabiUt,  Stndy  (Period  2,  combined  with  the  ,958 
CSO  Mortality  Table  and  3j^%  interest.  -  .  valuation 

The  reserve  for  immediate  payment of  fatt S^g^-U^-^^*?^  Sffll 

1973   Expenses  beyond  the  premium  paying  period  were  assumed  covered  by  excess  investment. 
""DtinVmOa  quired  from  the  Cosmopolitan  Life  Assurance  Company.  The  methods 

^^^^sta^W^  using  the  1958  CSO  Table  (ALB)  with  .«%  interest  and  the  Canadian 

M°df  rese^e^fonl'half  the  gross  annual  rider  premium  has  been  held  on  all  coterminous  income  riders 

A  reserve  of  one-half  the  gross  annual  extra  premium  has  been  held,  in  addition  to  the  regular  reserve,  on  policies 

with  an  annual  extra  premium.  Policies  with  a  rating  in  age  are  valued  at  the  rated  age. 

Reserves  for  additional  accidental  death  benefits  have  been  taken  at  one-half  the  gross  a"nU^^^ombined 
Income  replacement  policies  have  been  valued  using  the  1964  Commissioners  Disability  Table  (ALB)  combined 

with  the  1958  CSO  Table,  3M%  interest.  ,,  w  :„tArA<5t 

Guaranteed  Purchase  Benefits  have  been  valued  using  the  1958  CSO  Table  (ALB)  with  3% ^interest 
Deferred  Annuities  have  been  valued  using  a  3M%  sinking  fund  accumulation  to  the  cash  value  a ■  ™atunt^ 
Annuities  with  payments  now  payable  have  been  valued  using  the  1937  Standard  Annuity  Table  with  4%  interest. 
The  above  bases  provide  for  reserves  on  all  business  in  force  at  the  end  of  1973. 

There  were  no  special  reserves  held  at  the  end  of  1973.  (Period  2) 

Disability  waiver  and  disability  income  benefits  have  been  valued  using  the  1952  Disability  Study  (Period  2) 
combined  with  the  1958  CSO  Mortality  Table  and  ZlA%  interest. 

Allocation  of  Surplus 

Surplus  or  deficit  credited  or  charged  to  policyholders.  aoo„mntiona 
The  dividend  schedule  was  derived  from  model  office  studies  of  the  surplus  flow.  , ^Jg.^^  assumptions 
approximating  those  of  the  company.  All  business  acquired  from  Cosmopolitan  is  non-participating. 

A"~ilytrance  claims  reported  but  not  finalized  were  individually  examined  and  outstanding  liability 

"^Tllotance  was  made  for  1973  disability  claims  not  ^^ftSS^ScSmlS'li  ^  ^  """" 

paid  by  the  Company  on  1972  claims  reported  Irom  December  31,  1972  to  December  31,  U<a. 
Surplus  credited  to  policyholders.  No  dividends  declared  or  paid. 


LIFE  INSURANCE  COMPANIES  FOR  1973 


121 


Seaboard  Life  (cont'd) 


Life  Insurance  Policies  (Gross) 


Classification 

ORDINARY 

GROUP 

TOTAL 

Number 

Amount 

Number  of 
Policies 

Number  of 
Certificates 

Amount 

Number  of 
Policies 

Amount 

In  Force, 

Dec.  31,  1972. 
New  effected .... 
Old  revived  

6,441 
482 

84. 

$ 

73,087,787 
10,394,480 
1  504  140 
'  40J80 

257 
103 

58,116 
3,151 

40,350 

$ 

18,790,267 
1,023,812 

22,530,603 

6,698 
585 
84 

$ 

91,878,054 
11,418,292 
1,504,140 
22,571,383 

Totals  

7,007 

85,027,187 

360 

101,617 

42,344,682 

7,367 

127.371,869 

Less  ceased  by: 
Death  

27 
15 
307 
422 

97,850 

16 

17,126 

40,019 

27 
15 
307 
448 

137.869 
101.310 
2,888,340 
10,121,427 
4,548,143 
2,601,546 

Surrender  

101,310 
2,888,340 

9,903,427 
916,217 

26 

9 

6,892 

218,000 
4,548,143 
1,685,329 

Decrease  

Total 
ceased . . . 

In  force 

Dec.  31,  1973. 

771 

13,907,144 

26 

24,043 

6,491,491 

797 

20,398.635 

6,236 

71,120,043 

334 

77,574 

35,853,191 

6,570 

106,973,234 

Analysis  of  Amounts  of  Life  Insurance  Effected  and  in  Force 


NEW  EFFECTED 

IN  FORCE 

Direct 
Written 

Reinsurance 
Ceded 

Net 

Direct 
Written 

Reinsurance 
Ceded 

Net 

$ 

10,394,480 
1,023,812 

$ 

2,407,009 
470,644 

$ 

7,987,471 
553,168 

$ 

71,120,043 
35,853,191 

$ 

17,201,234 
2,598,882 

$ 

53.918,809 
33,254,309 

11,418,292 

2,877,653 

8.540,639 

106,973,234 

19,800,116 

87,173,118 

Annuities  (Gross) 


ORDINARY  ANNUITIES 

Classification 

Deferred 

Vested 

Number 

Annual 
Payment 

Number 

Annual 
Payment 

$ 

$ 

366 
59 

182,752 
46,512 

11 

14,616 

7 

432 

8,173 
237,437 

11 

14,616 

Less  ceased  by: 

14 
18 

22 

1,265 
17,373 
28.553 

54 

3,972 
51,163 

378 

186,274 

11 

14,616 

L22 


ANNUM.  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Seaboard  Life  (cont'd) 


Statement  Of  Business  In  Respect  of  Which  Reserves  Vary  Depending  Upon 
the  Market  Value  of  Specified  Groups  of  Assets 
(Segregated  Funds) 

Assets  (at  Market  Values  December  31,  1973) 


Bonds  

Stocks,  preferred  

Stocks,  common  

Cash  

Investment  income  due  and  accrued. 
Amounts  due  from  other  funds  


Total. 


All  Funds 
Total 

$  291.645 
42.186 
1,133.228 
1,843 
8.551 
6,641 

$1,484,094 


Liabilities 


Funds  held  for  the  benefit  of  policyholders: 
Actuarial  reserve  


Total  funds. 


$1,484,094 
$1,484,094 


Reconciliation  of  Funds 


Funds  at  beginning  of  year  

Net  balance  of  investment  operations  and  expenses. 
Net  transfers  re  policyholders'  benefits  


Funds  at  end  of  year. 


All  Funds 
Total 

$1,436,076 

-97,905 
145,923 

$1,484,094 


Investment  Operations  and  Expenses 

Income 


Interest  on  bonds.  . . 
Dividends  on  stocks. 


All  funds 
Total 


$  11,694 
41,871 


Total  income  

NET  PROFIT  ON  SALE  OF  INVESTMENTS  (excess  of  proceeds  over  market  value  at  beginning  of 
year  or  at  date  of  purchase  during  year): 

Gain  or  loss  on  stocks  


53,565 


Total  gain  or  loss  on  sale  of  investments  

UNREALIZED  APPRECIATION  IN  VALUE  OF  ASSETS  (change  in  market  values  since  beginning 


of  year  or  at  date  of  purchase  during  the  year): 
Appreciation  or  depreciation  on  bonds. 
Appreciation  or  depreciation  on  stocks. 


Total  unrealized  appreciation  or  depreciation.  . . 

Total  capital  gain  or  loss  

Expenses 


Management  fees  

Taxes,  licences  and  fees. 


Total  expenses  

Net  balance  carried  to  reconciliation  of  funds. 


$  65,429 
$  65,429 


$-  3,122  ; 
-188,283  I 


-191,405 
-125,976 


22,752 
2,742 


$  25,494 
$  -97,905 


Amounts  Transferred  re  Policyholders'  Benefits 

Transfers  and  payments  into  funds:    $  437,167 

Premium  allocations   


Total. 


$  437,167 


Transfers  and  payments  from  funds:    $  291,244 

Surrenders   1 


Total  

Net  transfers  and  payments. 


$  291,244 
$  145,923 


LIFE  INSURANCE  COMPANIES  FOR  1973 


123 


Seaboard  Life  (concl'd) 


Basis  of  Valuation 


Valuation  basis  for  variable  portion  of  all  contracts  except  vested  annuities: 
Total  value  of  all  accumulation-units  allocated  to  contract  holders  at  statement  date. 
Valuation  basis  for  guaranteed  portion  of  all  contracts  except  vested  annuities: 
601/603  58  C.S.O.  3H%  NLP 

602  58  C.S.O.  3H%  NLP 

620  58  C.S.O.  3H%  Can. 

The  reserves  in  respect  of  the  guaranteed  portion  of  all  contracts  except  vested  annuities  are  included  in  Statement 
Df  Actuarial  Liabilities. 

Valuation  basis  for  variable  portion  of  all  vested  annuities: 

Progressive  Annuity  Table  (a-1949  modified)  assuming  33^%  net  return  on  fund. 
Contract  guarantees  are  according  to  basis  above. 


Statement  of  Unit  Values 


FUND 

ASSETS 

ACCUMULATION 
UNIT  VALUES 

Jan.  1,  1973    |  Dec.  31,  1973 

Jan.  1,  1973 

Dec.  31,  1973 

$1,409,307 
26,769 

$1,419,856 
64,238 

$1.30 
1.03 

$1.21 
1.09 

$1,436,076 

$1,484,094 

j 


(B) 

OTHER  THAN  LIFE  INSURERS 


[125) 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


127 


ABSTAINERS'  INSURANCE  COMPANY 

Head  Office,  Simcoe,  Ont. 

Officers  -  Chairman  Dr.  R.  B.  Hare;  President,  S.  R.  Bernardo;  Vice-President.  R.  G.  Groom;  Managing  Director, 
C.  A.  Blair;'  Secretary,  R.  S.  Mills,  Q.C.,  Treasurer,  S.  M.  Fletcher. 

Directors.  -  S.  R.  Bernardo.  S.  M.  Fletcher.  R.  G.  Groom.  Dr.  R.  B.  Hare.  R.  S.  Mills.  A.  M.  Waters,  J.  G.  Webb. 
P.  L.  Wilson,  C.  A.  Blair. 

Auditors.  -  Riddell,  Stead  &  Co. 

Date  of  Incorporation.  -  Dec.  14,  1955.  Commenced  Business  in  Ontario.  -  Oct.  1,  1956. 
Provinces  in  Which  Licensed.  -  Alberta  and  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


No. 

Authorized   300,000 

Subscribed   126,614 

Paid  in  cash  or 
stock  dividend 


COMMON 
Par  Value 
$  1 


Capital  Stock 

Amount 
$  300.000 


1      $  126,614 


No. 
2,000 
2,000 


PREFERRED 
Par  Value 
$  100 


Amount 
$  200,000 
100     $  200,000 


$  126,614 


Contributions  to  Surplus 


Premium  on  capital  stock. 


Comparative  Balance  Sheet 

Assets  _ 

Current 
Year 

Investments:  «  *?  iia  s«s 

Bonds  -  (Market  value  $2,974,412)   *  1  451  558 

Stocks   '   

Summary  of  investments  (Sub-total)   $  4  226  444 

Cash  •   71*466 

Investment  income  due  or  accrued   49*752 

Amounts  due  from  agents  and  brokers   55*000 

Other  assets    ' 

Gross  assets   $4,971,108 

Deduct:  Assets  not  admitted   ^ 

Total  assets  admitted   $  4,971,108 

Liabilities 

Unearned  premiums  extended  at  85%   $  Hn74?fi 

Provision  for  unpaid  claims  and  adjustment  expenses   Vq'TlO 

Agents'  and  brokers'  credit  balances   56*839 

Amounts  owing  to  reinsurers   55'000 

Deposits  from  reinsurers   32*855 

Expenses  due  and  accrued   k-j'794. 

Other  liabilities    

TOTAL  LIABILITIES   $  3,089,919 

Reserves  and  Equity 

Capital  and  surplus:    $  326,614 

Capital  Stock  -  Paid   *     4^7  104 

Surplus          -Contributed   1007471 

-  Retained  earnings   1,w'*"1 

Total  liabilities,  capital  and  surplus   $  4,971,108 


Total 
$  500,000 
"i- 326,614 


$  200.000       $  326,614 


$  457,104 


Prior 
Year 

$  2,799,870 
1,421,260 

$  4,221,130 
172,962 
53,429 
38,506 
43.019 

$  4,529.046 


$  4,529.046 


,171,511 
,577,380 
41,884 
51,504 
33,000 
36,224 
18,341 


$  2.929,844 


$  326,614 
457,104 
815,484 

$  4,529,046 


128 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Abstainers'  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

I  Hvidenda  declared . 
Totals.  . . 


Decrease 

Increase 

$323,641 

$  41.654 

$  41.654 

$323,641 

Net  increase  

Earned  surplus  at  beginning  of  year. 


Earned  surplus  at  end  of  year. 


$281,987 
815,484 


$1,097,471 


Ha!ame  at  beginning  of  the  year. 
Paid  in  during  the  year  

Balance  at  the  end  of  the  year. . . 


Capital 

Con- 
tributed 
Surplus 

$326,614 

$457,104 

$326,614 

$457,104 

Comparative  Statement  of  Profit  and  Loss 

Current  Prior 

Year  Year 

Net  premiums  written   $  3,179.867  $  2,758,342 

Unearned  premium  and  additional  policy  reserve  adjustment   l»d,U-0  o^.iu/ 

Net  premiums  earned^   2,996,842  2,704,235 

Net  losses  incurred  including  adjusting  expenses   i.y./.a-to  ______ 

Sub-Total   1.069.497  815.541 

Commission  and  allowances   rin'^Vo  _'  a 

General  expenses   519,418  49S.W4 

Underwriting  profit  or  (loss)   726  ~i«2  086 

Investment  income   370,915  462 '°86 

Net  profit  before  income  taxes   Sll'%k\  311,747 

Income  taxes   48,000   | 


Net  profit   *     323.641         $  311,747 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  ( — )  in  surplus .... 

$ 

726 
370,915 
281 ,987 
41,654 

$ 

—150,389 
462,086 
287,031 
41,654 

$ 

2,716 
254,501 
311,018 
41,654 

$ 

—578,266 
231,740 
—482,946 
41,653 

$ 

— 312,580 
379,314 
61,712 
41,653 

Capital  or  surplus  paid  in  during  year  

Capital  and  surplus  at  end  of  year  

1,881,189 
4,971,108 

1,599,202 
4,529,046 

1,312,171 
4,668,124 

1,001,153 
4,602,782 

1.484.099 
4.352.794 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


129 


Abstainers'  (cont'd) 

Expenses  Incurred 

Commissions  and  Allowances  $  537,539 

Direct  business                                                                                                                    _  11,814 

Contingent  commissions    . 

  $  549,353 

Total   ===== 

General  Expenses:    38,562 

Advertising  -  \ ...  9 ,089 

Agency  (excluding  commissions)  '   7,300 

Audit  and  legal  '.  10,080 

Automobile  and  travelling   7,590 

Bureaus  and  associations   11,396 

Employee  benefits  -  Hospital,' medical,  group  life  and  general   6,850 

-  Pensions  V- 2  ^81 

-  Unemployment  insurance  and  workmen  s  compensation   ljli 

Entertainment . . . .  •  •  •  •  •  •   •  •  •  •   •  "\\  16',426 

Equipment  (excluding  automobile  and  EDP)   9,139 

Express,  freight  and  postage   1,156 

Insurance  (company  coverage)  '  lf695 

Licenses  (excluding  agents')   4,549 

Maintenance  and  utilities  -  Premises   8  471 

Mercantile  and  investigation  reports  "  '  48,686 

Miscellaneous   16,523 

Printing  and  stationery   9,941 

Rent  -  Premises                                                                                                                    \  190,491 

Salaries                                                                                                                                .  24,000 

Statistical  and  tabulating   lf059 

Taxes  -  Municipal  and  sundry   67,535 

-Premium   17,540 

Telephone  and  telegraph    . 

  $  519,418 

Total   : 


Investment  Income  and  Expenditure 


Bonds  

Stocks  

Investment  counsellor  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments. 

Net  investment  income.  . 


Expendi- 

Income 

ture 

$245,000 

55,714 

'$'15,906 

477 

86,584 

$370,915 


Premiums  and  Claims 


Class  of  Insurance 

Gross  Premiums  Written 

Net 
Premiums 
Earned 
on  100% 

Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

-  Personal  accident  

-Other  

Liability  

$ 

317,721 
1,765,240 

216,432 
1,052,788 
24,606 

$ 

25,403 
147,654 
18,266 
4,982 
615 

$ 

292,318 
1,617,586 

198,166 
1,047,806 
23,991 

$ 

202,730 
1,555,856 

187,695 
1,000,425 
17,838 

$ 

103,667 
966,171 
169,467 
667,809 
20,231 

% 

51.13 
62.09 
90.28 
66.75 
113.41 

3,376,787 

196,920 

3,179,867 

2,964,544 

1,927,345 

65.01 

130 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Abstainers  ^concl'd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  ok  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

-  Other  

335,903 
711,455 

90,406 
428,137 

27,670 

26,422 
1,185,554 
84,990 
192,790 
17,700 

Totals  

1,593,571 

1,507,456 

Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 


Bonds: 

C  anadian  -  Federal   $   340,000  $   297,814  $  290,461 

-Provincial   965,000  966,283  937.551 

Other   1,830,000  1,852,791  1,746,400 


$3,135,000  $3,116,888  $2,974,412 


Stocks: 

Preferred    $  385,044  $  320,000 

Common   1,066,514  1,178,725 


$1,451,558 


$1,498,725 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


131 


ANGLO  CANADA  GENERAL  INSURANCE  COMPANY 

Head  Office,  Toronto,  Ont. 
General  Administrative  Offices,  London,  Ont. 

E.  M.  Bilger. 

Directors. -T.  C.  Bilger,  W.  D.  Cox,  L.  Franck,  W.  M.  Hatch,  D.  G.  Neelands,  R.  Schaller,  E.  O.  Shieck.  D.  J. 
Walker,  J.  S.  Armstrong,  F.  Negrier. 

Auditors.  -  Peat,  Marwick,  Mitchell  &  Co. 

Date  of  Incorporation.  -  January  18,  1949.  Commenced  Business  in  Ontario.  -  April  2b,  1949. 
Provinces  in  Which  Licensed.  -  Ontario. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


Capital  Stock 


Authorized. 
Subscribed . 


COMMON 

No.        Par  Value  Amount 

6,500  $  100  $  650,000 
4,785  5 


PREFERRED 
No.        Par  Value  Amount 
1,985         $         100      $  198,500 


100      $  478,500 


Paid  in  cash  or 
stock  dividend 


$  358,938 


Premium  on  capital  stock  

Amount  of  calls  unpaid  at  end  of  year. 


Contributions  to  Surplus 
Unpaid  Calls 


Total 
$  848,500 
$  478,500 

$  358,938 


$  17,700 


$  Nil 


Comparative  Balance  Sheet 
Assets 


Investments: 

Short  term  deposits  and  money  market  securities. 
Bonds  -  (Market  value  $2,843.406)  


Stocks. 


Mortgage  loans  and  sales  agreements. 


Real  estate 
Encumbrances . 


Current 
$  87,799 


Prior 
$  90,312 


Cash. 


Summary  of  investments  (sub-total) 


Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers. 

Amounts  owing  by  reinsurers  

Other  assets  


Gross  assets  

Deduct:  Assets  not  admitted. 


Current 
Year 

$  350,000 
2,914,157 
983,175 
467,623 


87,799 

,802,754 
137,709 
53,911 
228,128 
18,169 
5,581 

246,252 
34,000 


$5, 


Total  assets  admitted. 


$5,212,252 


Prior 
Year 

$  900,000 
2,412,626 
716,832 
351.468 


90.312 

4,471,238 
94,282 
45,956 
172,179 
7,540 
34,327 

$4,825,522 
58,500 

$4,767,022 


Liabilities 


Unearned  premiums  extended  at  80%  

Additional  policy  reserves  

Provision  for  unpaid  claims  and  adjustment  expenses. 

Agents'  and  brokers'  credit  balances  

Amounts  owing  to  reinsurers  

Deposits  from  reinsurers  

Expenses  due  and  accrued  

Other  liabilities  


Total  liabilities. 


$  258,159 
91,793 
206,142 
1,211 
105,717 
971,000 
51,711 
386,189 

$2,071,922 


$  243,213 
53,439 
231,266 
907 
381,174 
790,000 
50,032 
304,342 

$2,054,373 


Reserves  and  Equity 


Capital  and  surplus: 

Capital  stock  -  Paid  

Surplus  -  Contributed  

-  Retained  earnings. 


Total  liabilities,  capital  and  surplus. 


$  358,938 
17,700 
2,763,692 

5,212,252 


$  358,938 
17,700 
2,336,011 

4,767,022 


132 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Anglo  Canada  (.cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Change  in  unadmitte< 


KciuiulabU-  iliviilonci  tax  on  hand. 


Toiai.s   $  31,192 


Decreases 

Increases 

$  434,373 

24,500 

$  31,102 

90 

$  31,192 

$  458,873 

Net  increase  

Karned  surplus  at  beginning  of  year. 

Earned  surplus  at  end  of  year  


$  427,681 
2,336,011 


$2,763,692 


Con- 

Capital 

tributed 

Surplus 

$  17.700 

  $358,938 

$  17.700 

Assets  Not  Admitted 


Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1                                           $  808 

Provision  for  other  doubtful  accounts   504 

Staff  mortgages   26,983 

Deferred  charges  or  prepaid  expenses  (including  agents'  commissions)   1,235 

Advances  to  directors,  employees  or  agents   3,825 

Office  furniture,  equipment,  automobiles,  maps,  plans  and  stationery   1 

Other:  Rounding   644 


Total  current  year   34,000 

Total  prior  year   58,500 


Net  change   $  -2 4,500 


Comparative  Statement  of  Profit  and  Loss 

Current  Prior 

Year  Year 

Net  premiums  written                                                                                              $  751,434  $  688,811 

Unearned  premium  and  additional  policy  reserve  adjustment                                              53,301  974 

Net  premiums  earned   $  698,133 

Net  losses  incurred  including  adjusting  expenses   302,598 

Sub-total   $  395,535 

Commission  and  allowances   —104,648 

General  expenses   363,570 

Underwriting  profit   $  136,613 

Investment  income   296,809 

Other  income  and  expenditure   951 

Net  profit  before  income  taxes   $  434,373 

Income  taxes  ••— 

Net  profit   $  434,373 


$ 

687,837 

361.763 

$ 

326.074 

-135,806 

365,092 

s 

96,788 

280,335 

2,613 

$ 

379,736 

s 

379,736 

Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

$ 

$ 

$ 

$ 

$ 

Net  increase  or  decrease  ( — )  in  surplus  

Dividends  to  shareholders  

136,613 
297,760 
427,681 
31,102 

96,788 
282,948 
323,386 

47,850 

65,551 
218,730 
288,843 

222,911 
213,042 
434,426 

111,829 
200,249 
323,411 

Capital  or  surplus  paid  in  during  year  

Capital  and  surplus  at  end  of  year  

Admitted  assets  at  end  of  year  

3,140,330 
5,212,252 

2,712,649 
4,767,022 

2,389,263 
4.198.090 

2,100,420 
3.960,490 

1,665.994 
3.567.337 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


Direct  business. 

Reinsurance  assumed  

Contingent  commissions. 


Sub-total  

Less:  Reinsurance  ceded. 


Total. 


133 


\nglo  Canada  (cont'd) 

Expenses  Incurred 

Commissions  and  Allowances:  ^  448,636 


40,329 
78,731 


S  567.696 
672,344 

$-104,648 


General  Expenses: 

Advertising  

Audit  and  legal  

Automobile  and  travelling  

Bad  debts  ; .   

Bureaus  and  associations  

Employee'  benefits  -  Hospital.' medical',  group  life  and  general  

-  Pensions  •  •  •  • 

-  Unemployment  insurance  and  workmen  s  compensation. 

Equipment  (excluding  automobile  and  EDP)  depreciation  

Equipment  -  EDP  rental  

Express,  freight  and  postage  

Inspections  •  

Insurance  (company  coverage)  

Licenses  (excluding  agents')  

Maintenance  and  utilities  -  Premises  

Mercantile  and  investigation  reports  

Miscellaneous  

Printing  and  stationery  

Rent  -  Premises  

Salaries  

Statistical  and  tabulating  

Taxes  -  Municipal  and  sundry  

-  Premium  

Telephone  and  telegraph  

Adjusting  fees  recovered  


L^s^loc'ated  to  Gibraltar  'General' Insurance  Co.  -  Affiliate. 


Total. 


6,045 
37,734 
75,228 
27,875 
22,917 
8,200 
15,084 
12,562 
10,393 
12,783 
20,926 
12,563 
10 
1,914 
1,365 
7,395 
3,774 
20,100 
56,828 
26,764 
508,046 
4,937 
5,376 
60,724 
24,575 
-  89,401 

944,717 
-581,147 

363,570 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  

Mortgage  loans  and  sales  agreements  

Real  estate  (including  depreciation)  

Safekeeping  fees  

Investment  counsellor  fees  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 
ture 

$  27,504 

198,877 

38,682 

24,992 

$  889 

1,674 

2,400 

11,717 

$296,809 


Other  Income  and  Expenditure 


Sundry . 


Total. 


Income 

Expendi- 
ture 

$  951 

$ 

951 

I 


134 


ANNUAL  REPORT     SUPERINTENDENT  OF  INSURANCE 


tllglo  Canada  (concl'd) 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross 
Premiums  Writtkn 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

9 

/o 

Property  

Hull  

Automobile  -  Liability  . 

-  Pers.  Acc. 

-Other...  . 
Fidelity  

1,236.947 
916.434 
312.721 
36,016 
186,181 
2.413 

44.C21 
99.820 

904,928 
830,889 
207,738 

24,807 
127,386 
1,723 

35,440 

376,640 
185,365 
104,983 
11,209 
58,795 
690 

366.151 
185,365 
101,235 
10,756 
56,532 
649 

101,739 
62,428 
76,464 
5,532 
48,861 

27.78 
33.68 
75.53 
51.43 
86.43 

Liability  

49.192 

13,752 

12,062 

7,574 

62.79 

Totals  

2.739.904 

144.441 

2,132,911 

751,434 

732,750 

302,598 

41.29 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

Hail  

$ 

221,611 

$ 

24,627 
1,000 
149,879 
6,055 

16,144 

-Other   

52,607 
6,350 
31,746 
347 
10,039 

8,437 

322,700 

206,142 

Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 

Bonds: 

Canadian  -  Federal                                                                  $  339,000  $  338,592  $  335,938 

-Provincial                                                                      301,000  299,424  300,246 

-  Municipal  and  School                                                  362,000  351,370  346,264 

Other                                                                                       1,944,988  1,924,771  1,860,958 

$2,946,988  $2,914,157  $2,843,406 


Stocks 

Preferred                                                                                                           $  36,219  $  26,250 

Common   946,956  1,203,089 

$  983,175  $1,229,339 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


135 


THE  BAY  CITY  GENERAL  INSURANCE  COMPANY 

Head  Office,  Hamilton,  Ont. 

Officers.- Chairman  of  the  Board.  J.  C.  Stradwick,  Sr.;  President,  J.  C.  Stradwick,  Jr.;  Vice-President.  A.  T 
IChmiel;  Treasurer,  E.  H.  Swindall;  Secretary,  E.  Dodd. 

!       Directors.  -  A.  T.  Chmiel,  J.  C.  Stradwick,  Sr.,  J.  C.  Stradwick,  Jr..  E.  H.  Swindall.  E.  Dodd. 
Auditors.  —  Coopers  &  Lybrand. 

Dale  of  Incorporation.  -  June  8.  1962.  Commenced  Business  in  Ontario.  -  Feb.  1,  19M. 
Provinces  in  Which  Licensed.  -  Ontario. 


Paid  in  cash  or 
stock  dividend 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 


No. 


COMMON 
Par  Value 

100 


No. 
3.300 


PREFERRED 
Par  Value  Amount 

S         100     $  330,000 


Total 
$1,000,000 


1,462 

$ 

100      $  146,200 

1,606  $ 

100  $ 

160,600 

$ 

306.800 

$  146,200 

$ 

160,600 

$ 

306.800 

Premium  on  capital  stock. 


Contributions  to  Surplus 


59.445 


Comparative  Balance  Sheet 

Current  Prior 

Assets                                       Year  Year 

Investments:                                                                                                            «     qq  600  $  99,500 

Short  term  deposits  and  money  market  securities                                                     •  Q^'s^n  1  314  926 

Bonds  (Market  value  $1.228.727)                                                                              '  48908  46  764 

Stocks                                                                                                                       X721  3,819 

Secured  loans    '  — .  

Summary  of  investments  (sub-total)                                                                ^'slo  OSl  '  60  915 

!  Cash  (  .  • •                                                                                     31;472  30'669 

Investment  income  due  or  accrued                                                                                     87  801  35,945 

Amounts  due  from  agents  and  brokers                                                                            1  0q84l2  1,533,479 

Amounts  owing  by  reinsurers                                                                                          'll4J90  1,514 

Other  assets    1   — 

$3,153,005  $3,127,531 

Gross  assets.                                                                                                25  620  26,411 

Deduct:  assets  not  admitted     .  

S3  127,385  $3,101,120 

Total  assets  admitted                                                                                       .  • 

Liabilities 

I   „                    .           ,     .  .    f  CQ07                                                                            $  987,981  $  643,558 

I  Unearned  premiums  extended  at  osyo-                                                                               16  g3g  27,375 

Unearned  premiums  extended  at  100%                                                                               25  228  12,418 

I  Additional  policy  reserves                                                                                             120V374  811J49 

Provision  for  unpaid  claims  and  adjustment  expenses                                                               897  4.745 

Agents'  and  brokers'  credit  balances                                                                                  77  012  827',167 

I  Amounts  owing  to  reinsurers   17,968 

Deposits  from  reinsurers  33  025  11,600 

Expenses  due  and  accrued                                                                                                63  390  5,366 

Provision  for  income  tax                                                                                                   17  279  125,203 

Other  liabilities    '  

^                                                                                                                     $2,428,824  $2,487,149 

Total  liabilities   °" 


Reserves  and  Equity 

Reserves:                                         ,             .  «       i  286  $  552 

Reinsurance  ceded  to  unregistered  companies   * 

Capital  and  surplus:  306  800  306.800 

Capital  stock  -  Paid   50*445  59  445 

surplus  -  contributed  n.Vgs  .  . ... »»»;  v :::: : ::"    ■.: :::::: ; :  ssi^o  2».m 

Total  liabilities,  capital  and  surplus   ^-127'385  83'101'120 


136 


ANNUAL  RKRORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Baj  City  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Outlines  in  unadmitted  ledger  assets   . 

Changes  in  reserve  for  outstanding  reinsurance  ceded  to  unregistered  companies 


Totals 


Net  Increase  

Banned  surplus  at  beginning  of  year 


K.irned  surplus  at  end  of  y 


Con- 
Capital  TRIBUTED 
Surplus 


Balance  at  beginning  of  the  year   $306,800        $  59,445 

Paid  in  during  the  year    

$306,800        9  59,445 

Balance  at  the  end  of  the  year   ========= 


Decreases 


Increases 


$  83,799 

791 

734 

734 

84,590 

$  83,856 
247,174 

$331,030 


Assets  Not  Admitted 

Excess  of  book  value  over  market  value   $  564 

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1   25,056 

Total  current  year   $  oa,6m? 

Total  prior  year   26,411 

Net  change   *  —791 


Comparative  Statement  of  Profit  and  Loss 

Current  Prior 

Year  Year 

Net  premiums  written   $2,^.335  ^'8g4.976 

Unearned  premium  and  additional  policy  reserve  adjustment                                              346,69b  84,^45 

Net  premiums  earned   $2,2^S  $K?RS 

Net  losses  incurred  including  adjusting  expenses                                                              1,467,958  1.15U.Z4U 

Sub-total    $  780,681  $  570,491 

Commissions  and  allowances                                                                                           ^'111  ffi'JS 

General  expenses                                                                                                           163,692  119,477 

Underwriting  profit                                                                                             80,210  9,734 

Investment  income                                                                                                          116.763  162,265 

Other  income  and  expenditure                                                                                        —iu,//4  4,0,0  iz 

Net  profit  before  income  taxes   $  $  14H17 

Income  taxes                                                                                                                 102,400  6»451 

Net  profit   $     83.799  $  141,676 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

$ 

$ 

$ 

$ 

$ 

Net  increase  or  decrease  (— )  in  surplus  

80,210 
105,989 
83,856 

9.734 
138,393 
183,749 

-114,986 
121,877 
31,199 

-53,173 
74,228 
-35,508 

-29,990 
56.251 
20.689 

Capital  or  surplus  paid  in  during  year  

Capital  and  surplus  at  end  of  year  

697,275 
3,127,385 

613,419 
3,101,120 

429,670 
2,025,142 

398,471 
1,797,165 

433.979 
1,186,441 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


137 


rhe  Bay  City  (cont'd) 

Expenses  Incurred 

Commissions  and  allowances: 

Direct  business   •  ^9,673 

Reinsurance  assumed   Z'fl% 

Contingent  commissions  


2,683 


Sub-total   845,031 

Less:  Reinsurance  ceded   308,252 

Total   *  536,779 

General  Expenses: 

Advertising   *U 

Audit  and  legal   * 

Bad  debts   15,788 

Directors   2,000 

Inspections   S'roo 

Interest   6,o30 

Licenses  and  fees  (excluding  agents')   oqi 

Miscellaneous   jjoo 

Printing  and  stationery   , 

Bonuses   }^.200 

Statistical  and  tabulating   aa'qqq 

Taxes  -  premium  

M anagement  fee   50,000 

Total   $  163,692 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

ionds  

!tocks  

Secured  loans  

'rofit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  8,190 

102,242 

2,073 

204 

4,054 

$116,763 


Other  Income  and  Expenditure 


Sundry  interest  on  reinsurance  accounts  

foreign  exchange  

Portion  of  management  fee  above  basic  cost. 

Total  


Income 

Expendi- 

ture 

$  50,603 

689 

62,066 

$-10,774 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross 
Premiums  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 

Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

lail  

$ 

131,099 

$ 

1,166,194 
50,456 
345,008 
30 

248,247 
1 

1,009,013 
-5 
34,910 
375,700 

$ 

327,416 

$ 

969,877 
50,456 
245,696 
16 

177,180 
1 

741,504 
-5 
34,910 
375,700 

$ 

894,636 
50,456 
231,997 
41 

165,673 
1 

526,750 
-5 
34,910 
383,155 

$ 

553,846 
13,947 
254,058 
-3,232 
141,559 

% 

61.91 
27.64 
109.51 

85.44 

automobile  -  Liability . 

-  Pers.  Acc. 
-Other  

108,879 
-15 
75,569 

208,191 
-1 
146,636 

toiler  and  machinery.  . 
aircraft  

6,316 

273,825 

225,571 
247 
11,365 
270,597 

42.82 

32,56 
70.62 

Marine  

Totals  

321,848 

3,229,554 

956,067 

2,595,335 

2,287,614 

1,467,958 

64.17 

L38 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Buy  City  (concTd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

655,461 
119,897 

$ 

302,799 
395,585 

3,846 
83,695 
204,142 

2,323 
212,984 

86,522 
270,194 

7,470 
1,139,544 

1,205,374 

Summary  of  Bonds  and  Stocks 

Par 
Value 

Bonds:  $  125,000 

Canadian  -  I-ederal.   w  219  880 

-  Provincial   , ,  'nnri 

-  Municipal  and  School   010  000 

Other   ' 

$1,365,880 


Book 
Value 

$  124,250 
211,027 
11,000 
988,573 

$1,334,850 


Market 
Value 

$  121,012 
188,574 
8,887 
970,254 

$1,288,727 


Stocks: 

Preferred. . 
Common . .  . 


$  22,439 
26,469 

$  48,908 


$  21,225 
27,119 

I  48,344 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


139 


CANADIAN  UNIVERSAL  INSURANCE  COMPANY  LIMITED 

Head  Office,  St.  John's,  Newfoundland 

Officers.  -  President,  M.  H.  Saval;  Vice-President  and  Secretary,  J.  M.  Myette,  M.  Saval;  Treasurer,  J.  C.  Meister. 
Directors.  -  J.  P.  Dansereau,  F.  G.  Dufresne,  P.  D.  Lewis,  J.  M.  Myette,  H.  A.  Potsdam,  J.  Saval,  M.  H.  Saval, 
M.  Saval. 

Auditors.  -  Courtois,  Fredette,  Chare tte  et  Cie. 

Date  of  Incorporation.  -  July  24,  1944.  Commenced  business  in  Ontario.  -  October  4,  1972. 

Provinces  in  which  licensed.  -  Newfoundland,  Quebec,  Ontario,  British  Columbia  and  State  of  Rhode  Island 
(U.S.A.). 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

COMMON 

No.         Par  Value       Amount  Total 

Authorized                                                                             250.000       $           10       $2,500,000  $2,500,000 

Subscribed                                                                              100,000       $           10       $1,000,000  $1,000,000 

Paid  in  Cash  or  stock  dividend                                                                                   $1,000,000  $1,000,000 

Contributions  to  Surplus 

Premium  on  capital  stock   $  328,300 


Comparative  Balance  Sheet 
Assets 


Current  Prior 
Year  Year 


Investments: 

Short-term  deposits  and  money  market  securities   $  2,423,884  $  550,000 

Bonds  -  (Market  value  $5,860,958)   6,274,288  5,846,864 

Stocks   2,256,046  2,277,707 

Subsidiaries,  associates  and  affiliates   3,145  3,145 


Summary  of  investments  (Sub-total)   $10,957,363  $  8,677,716 

Cash   270,147  1,181,744 

Investment  income  due  or  accrued   160,612  129,958 

Amounts  due  from  agents  and  brokers   2,411,140  2,144,233 

Amounts  owing  by  reinsurers   1,154,995  1,213,087 

Other  assets   2,632,093  2,155,198 

Gross  assets   $17,586,350  $15,501,936 

Deduct:  Assets  not  admitted    


Total  assets  admitted   $17,586,350  $15,501,936 


Liabilities 

Unearned  premiums  extended  at  80%   $  1,813,842  $  1,740,947 

Provision  for  unpaid  claims  and  adjustment  expenses   4,298,823  3,734,406 

Amounts  owing  to  reinsurers   2,142,424  1,894,733 

Deposits  from  reinsurers   5,232,645  4,152,157 

Expenses  due  and  accrued   119,558  107,294 

Provision  for  income  tax   35,450  69,160 

Other  liabilities   174,092  395,053 

Total  liabilities   $13,816,834  $12,093,750 


Reserves  and  Equity 

Reserves: 

Reinsurance  ceded  to  unregistered  companies                                                      $     375,723  $  356,674 

Capital  and  surplus: 

Capital  stock  -  Paid   1,000,000  1,000,000 

Surplus          -Contributed   328,300  328,300 

-  Retained  earnings   2,065,493  1,723,212 


Total  liabilities,  capital  and  surplus   $17,586,350  $15,501,936 


140 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Canadian  Universal  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Thm^'m  u^rvv  tor  outstanding  Veinsiirance  ceded  to  unregistered 'companies. 

Dividends  declared  (Stock)  

Dividends  to  Policyholders  

Changes  in  Statutory  Reserves  

Changes  In  Foreign  Exchange  •  ' 

Prior  years'  taxes  

Totals  

Net  increase  ■  

Earned  surplus  at  beginning  of  year  

Earned  surplus  at  end  of  year  


Decreases 

Increases 

$  389,469 

$  19,049 

90,000 

12,520 

11,382 
688 

62,311 

$  121,569 

$  463,850 

$  342,281 
1,723.212 

$2,065,493 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  

Balance  at  the  end  of  the  year. . . 


Capital 

Con- 
tributed 
Surplus 

$1,000,000 

$  328,300 

$1,000,000  I  $  328,300 


Comparative  Statement  of  Profit  and  Loss 


Current 
Year 

  $5,422,332 

Net  premiums  written  i-  '  Y'iJii 72,895 

Unearned  premium  and  additional  policy  reserve  adjustment   .   

  $5,349,437 

Net  premiums  earned. . .   3,490,240 

Net  losses  incurred  including  adjusting  expenses    __ 

  1,859.197 

Sub-Total                                                                                                .  1,031,617 

Commission  and  allowances  ['.'.'.',   843,971 

General  expenses   

„     s                                                                  ...  $  -16,891 

Underwriting  profit  or  (loss)  "    655,388 

Investment  income   472 

Other  income  and  expenditure    _ 

  $  639,469 

Net  profit  before  income  taxes  ■  •  •  ■  ■   250,000 

Income  taxes   

  $  389,469 

Net  profit   ===== 


Prior 
Year 

$4,893,019 
103,858 

$4,789,161 
2,968,255 

1,820.906 
751,568 
831,360 

$  237,978 
592,569 


$  523,547 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  ( -  )  in  surplus  

$ 

-16,891 
655,860 
342,281 
90,000 

$ 

237,978 
592,569 
—75.862 
500,000 
500.000 
3,051,512 
15,501.936 

$ 

192,220 
476,902 
552,241 

$ 

150,059 
364,445 
274,919 

$ 

-176,162 
296.809 
-98,S6S 

Dividends  to  shareholders   

3,393,793 
17,586,350 

2,626,874 
14,732,844 

2,074,633 
14,742,460 

1.799.714 
12,236,426 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


141 


Canadian  Universal  (cont'd) 


Analysis  of  Balance  Sheet  -  Current  Year 


Assets 

Investments: 

Short  term  deposits  and  money  market  securities  

Bonds  -  (Market  value  $5,860,958)  

Stocks  

Subsidiaries,  associates  and  affiliates  


Summary  of  investments  (Sub-totals) . 

Cash  

Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers  

Amounts  owing  by  reinsurers  

Dther  assets  


In 
Canada 

$  1,428,740 
3,627,710 
1,722,699 
3,145 

$  6,782,294 
167,643 
110,986 
1,492,746 
862,834 


Total  assets  admitted   $  9,416,503 


Liabilities 


Unearned  premiums  extended  at  80%  

J  Provision  for  unpaid  claims  and  adjustment  expenses. 

l\mounts  owing  to  reinsurers  

Deposits  from  reinsurers  

Expenses  due  and  accrued  

Provision  for  income  taxes  

Dther  liabilities  


Total  liabilities   $7,717,574 


Reserves  and  Equity 

Reserves: 

General  

Reinsurance  ceded  to  unregistered  companies  

apital  and  surplus: 

Capital  stock  -  Paid  

Surplus:  -  Contributed  

-  Retained  earnings  


769,180 
1,412,923 
1,222,800 
4,109,046 
83,133 
39,083 
81,409 


Total  liabilities,  capital  and  surplus. 


Analysis  of  Profit  and  Loss  -  Current  Year 


In 
Canada 


^et  premiums  written   $  1,943,241 

Jnearned  premium  and  additional  policy  reserve  adjustment   98,267 

Net  premiums  earned   $  1,844,974 

""Jet  losses  incurred  including  adjusting  expenses   1,305,536 

Sub-totals   $  539,438 

Commission  and  allowances   256,635 

General  expenses   316,125 

Underwriting  profit  or  (loss)   $  -83,322 

nvestment  income   561,096 

)ther  income  and  expenditure   472 

Net  profit  before  income  taxes   $  528,246 

income  taxes   250,000 

Net  profit   $  278,246 


Out  of 
Canada 

$  995,144 
2,646,578 
533,347 


%  4,175,069 
102,504 
49,626 
918,394 
292,161 
2,632,093 

$  8,169,847 


$  1,044,662 
2,885,900 
919,624 
1,123,599 
36,425 
-3,688 
92,683 

$  6,099,260 


$ 

349,208 

$  26,515 

1,000,000 

78,300 

250,000 

271,421 

1,794,072 

s 

9,416,503 

$  8,169,847 

Out  of 
Canada 

$  3,479,091 

-25,372 

%  3,504,463 
2,184,704 

$  1,319,759 
774,982 
527,846 

%  16,931 
94.292 


$  111,223 


$  111,223 


1 L2 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Canadian  Universal  (cont'd) 


Expenses  Incurred 

Commissions  and  Allowances:  $4,357,324 

Direct  business   '410,424 

Reinsurance  assumed   69^099 

Contingent  commissions    ' 

  $4,836,847 

Sub-total.....     3,805,230 

Less:  Reinsurance  ceded   

  $1,031,617 

Total   - 

General  Expenses:  $  141 

Advertising   22,995 

Audit  and  legal   lg  771 

Automobile  and  travelling   95*,319 

Bureaus  and  associations  "  "  '  5',035 

Employee  benefits- Hospital'  medicai," group  life  and  general   5,868 

-Pensions  ['..',:'.  5,62G 

Express,  freight  and  postage   58,029 

Inspections   1/751 

Interest  on  financing.   2,887 

Licenses  (excluding  agents  )  * '  '  l',229 

Miscellaneous   '993 

Printing  and  stationery   79,913 

Rent  -  Premises   197^381 

Salaries   •  ""  25,447 

Taxes  -  Municipal  and  sundry   307,166 

-  Premium   8871 

Telephone  and  telegraph  

Foreign  Exchange    

  $  843,971 

Total   — 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  ;  •  • 

Amortization  -  discount  or  premium  on  securities. 

Investment  counsellor  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Expendi- 

Income 

ture 

$129,550 

419,230 

97,462 

2,299 

$10,000 

21,243 

38,090 

$655,388 


Other  Income  and  Expenditure 


Income 


Expendi- 
ture 


Interest  received  on  income  tax  refund 


$  472 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


143 


Canadian  Universal  (concl'd) 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Property  

Hail  

$ 

4,919,649 

$ 

416,103 
1,685 
602,016 

$ 

4,434,096 

$ 

901.656 
1,685 
1,695,962 
63,987 
1.037,053 
52 
2,496 
1,326,263 
200,961 
1,716 
190,501 

$ 

951,837 
1,685 
1,661,180 
58,724 
1,009,853 
44 
2,680 
1,257,972 
196,806 
1,725 
188,707 

$ 

578,125 

%  ' 
60.74 

Automobile  -  Liability. 

-  Pers.  Acc. 

-  Other  

Fidelity  

4,377,430 
254,437 
2,886,042 

3.283,484 
190,450 
2,229,647 

1,315,018 
11,734 
689,881 

79.16 
19.98 
68.31 

380,658 
52 
2,496 

872,253 
3,341 
3,646 

189,928 

Surety  

Liability  

Accident  and  sickness. . 

3,416,793 
636,491 

2,962,783 
438,871 
1,930 
1,897 

692,387 
101,704 
313 
101,078 

55.04 
51.68 
18.14 
53.56 

Totals  

2,470 

16,493,312 

2,472,178 

13,543,158 

5,422,332 

5,331.213 

3,490,240 

65.47 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 


Unearned  Premiums 
at  Year  End 
at  100% 


Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 


Property  

Automobile  -  Liability  

-  Personal  accident . 

-  Other  

Fidelity  

Surety  

Liability  

Occident  and  sickness  

Aircraft  

Marine  

Totals  


551,988 
616,335 
29,123 
413,050 
19 
1,039 
559,810 
5,807 

''96432 


2,267,303 


361,262 
1,988,807 
10,294 
196,588 


1,572,118 
27,909 
4,260 
137,585 


4.298,823 


Summary  of  Bonds  and  Stocks 

Par                   Book  Market 

Value                Value  Value 

bonds: 

Canadian  -  Federal  t                                        $   890,000  $  885,680  $  856,217 

-  Provincial      

-  Municipal  and  School                                                1,065,000  1,063,036  1,063,036 

Other                                                                                       4,326,000  4,325,572  3,941,705 

$6,281,000  $6,274,288  $5,860,958 


Book  Market 
Value  Value 
stocks: 

Preferred   $  719.026  $  501,352 

Common   1,537,020  1,767,492 


$2,256,046 


$2,268,844 


m  ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE  

COMMERCE  AND  INDUSTRY  INSURANCE  COMPANY  OF  CANADA 

Head  Office,  Toronto,  Ont. 

c''m,;:,,;;";;:;J  mT,-;^  j.  c.      t.  a.  h~*.  r.       e.  Mcc«,«u,  j.  w.  ^ 

H.  R.  Patterson. 

Auditors.  -  Peat,  Marwick,  Mitchell  &  Co. 

Date  of  Incorporation.  -  January  20,  1966.  Comwi«i«d  i«  0«*a»o.  -  January  1,  196b 

Pft>ft«r«S  in  Which  Licensed.  -  Ontario,  New  Brunswick,  Quebec,  Manitoba,  Saskatchewan,  Alberta  and  British 
Columbia. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

COMMON 

No.        Par  Value      Amount  Total 

10  000        $        100     $1,000,000  $1,000,000 
Authorized   '  —    ===== 

_  ,      lu  .  10.000        $         100     $1,000,000  $1,000,000 

Subscribed       =========== 

,              .  $1,000,000  $1,000,000 

Paid  in  cash  or  stock  dividend   ===========  ========== 


Contributions  to  Surplus 

  $2,732,949 

Premium  on  capital  stock     687 

Other  contributions  to  surplus  


Total. 


$2,733,636 


Comparative  Balance  Sheet 

AssetS  Current  Prior 

Year  Year 

Investments:                      ,                  ,  ^  ci  546  000  $2,086,138 

Short-term  deposits  and  money  market  securities   2  558  537  2,043,317 

Bonds  (Market  value  $2,343,656)   l'315'875  905,237 

Stocks   __!  !  

.   ,    u  *  ♦  «  $5,420,412  $5,034,692 

Summary  of  investments  (sub-total)   58  132  136,883 

Cash  ••   58',009  44,364 

Investment  income  due  or  accrued   1  135  2ig  795,348 

Amounts  due  from  agents  and  brokers   '  23|o32  59,023 

Amounts  owing  by  reinsurers  "  242,060  133,695 

Other  assets    !    

. .  $6,936,863  $6,204,005 

Gross  assets   391,500  177,413 

Deduct:  Assets  not  admitted    .  j 

$6,545,363  $6,026,592 

Total  assets  admitted   —  ===== 


Liabilities 

$     37  150 

Unearned  premiums  extended  at  100%   59  958 

Provision  for  unpaid  claims  and  adjustment  expenses   310*,472 

Agents'  and  brokers'  credit  balances   2,024^334 

Amounts  owing  to  reinsurers  

Deposits  from  reinsurers  71,704 

Expenses  due  and  accrued   21,282 

Provision  for  income  tax  G 52,585 

Other  liabilities   


Total  liabilities. 


Reserves  and  Equity 


Total  liabilities,  capital  and  surplus. 


$2,577,485 


Reserves:  $  

General  •   126,469 

Reinsurance  ceded  to  unregistered  companies  

Capital  and  surplus:  1,000,000 

Capital  stock  -  Paid   2,733,636 

Surplus  -  contributed   108,073 

-  retained  earnings    


$6,545,363 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


145 


Commerce  and  Industry  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets  :  •  

Changes  in  reserve  for  outstanding  reinsurance  ceded  to  unregistered  companies. 

Provision  for  unearned  reinsurance  commissions  

Changes  in  reserve  for  investments  and  contingencies  

Taxes  refundable  on  payment  of  future  dividends  


Totals   $412,313 


Decreases 

Increases 

$265,568 

$214,087 

116,226 

108,958 

44,875 

82,000 

$412,313 

$419,401 

Net  increase  

Earned  surplus  at  beginning  of  year. 

Earned  surplus  at  end  of  year  


$  7,088 
100,985 


$108,073 


Paid  in  during  the  year. 


Capital 

Con- 
tributed 

SURPLUS 

$ 

1,000,000 

$ 

2,733,636 

1,000,000 

2,733,636 

Assets  not  Admitted 

Excess  of  book  value  of  stocks  over  market  value  

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1 
Office  furniture,  equipment  and  automobiles  

Total  current  year  

Total  prior  year  

Net  change  


Comparative  Statement  of  Profit  and  Loss 


Current 
Year 


Net  premiums  written   $  83,874 

Unearned  premium  and  additional  policy  reserve  adjustment   —1,946 

Net  premiums  earned   $  85,820 

Net  losses  incurred  including  adjusting  expenses   82,688 

Sub-total   $  3,132 

Commission  and  allowances   ~1?£'2aS 

General  expenses   106,549 

Underwriting  profit   $  4,676 

Investment  income   363,435 

Net  profit  before  income  taxes   $  368,111 

Income  taxes   102,543 

Net  profit   $  265,568 


Summary  of  Experience  for  the  Previous  Five  Years 


$  38,562 
319,496 
33,442 

$391,500 
177,413 

$214,087 


Prior 
Year 


$  70,924 
37,775 


$ 

33,149 

13,226 

$ 

19,923 

-278,230 

86,526 

$ 

211,627 

120,848 

$ 

332,475 

135,673 

$ 

196,802 

Underwriting  gain  or  loss  (-)  

Investment  and  other  income  

I  Net  increase  or  decrease  (  -  )  in  surplus. 

Dividends  to  shareholders  

Capital  or  surplus  paid  in  during  year. . 

Capital  and  surplus  at  end  of  year  

Admitted  assets  at  end  of  year  


1973 


4,676 
363,435 
7,088 


3.841,709 
6.545,363 


1972 


211,627 
120.848 
-133,465 

£9991951 
3,834,621 
6.026.592 


1971 


1.987 
65.645 
8.533 


968.135 
1.727.903 


1970 


78.023 
62,285 
102.853 


959.602 
1,516.871 


1969 


-45,739 
70,430 
-12,715 


856.749 
1.448.262 


14(1 


ANM'AL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Commerce  and  Industry  (cont'd) 


Expenses  Incurred  Total 

Commissions  ami  Allowances'. 

Direct  business   «  297,1621 

Less:  reinsurance  ceded   $  405,255 

Total   -108fi98  1 

General  Expenses:  77 

Advertising   'i 

Agency   566 

Audit  and  legal   Y'fin9 

Automobile  and  tiavelling   *™ 

Directors  •   ggj 

Employee  benefits  -  Hospital,  medical,  group  life  and  general  

-  pension  •.  

-  Unemployment  insurance  and  workmen's  compensation   i^u 

Equipment  (excluding  automobile  and  EDP)   qqo 

Express   _fM 

Foreign  exchange  

Insurance  (company  coverage)  "ott 

Mercantile  and  investigation  reports   **| 

Miscellaneous  

Printing  and  stationery   iar91 

Rent  -  Premises   Ta'Soq 

Salaries   P%W 

Taxes  -  Municipal  and  sundry   An'ooA 

-Premium   40*°°* 

Telephone  and  telegraph    1,0^a 

Total   « 


Investment  Income  and  Expenditure 


Bonds  

Stocks  

Amortization  -  discount  or  premium  on  securities. 
Profit  or  loss  on  sale  of  investments  


Income 

Expendi- 

ture 

$137,254 

164,771 

41,970 

45,885 

$26,445 

Net  investment  income. 


$363,435 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

2,335,754 
36,415 

$ 

$ 

2,259,824 
28,471 

$ 

75,930 
7,944 

$ 

75,953 
9,867 

$ 

82,688 

% 

108.87 

2,372,169 

2,288,295 

83,874 

85,820 

82,688 

96.35 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

32,833 
4,317 

$ 

59,958 

37,150 

59,958 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


147 


Commerce  and  Industry  (concl'd) 


Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 

B°N  Canadian  -  Federal                                                                   $1,050,000  $  666,000  $  629,690 

3           -Provincial    ......                                                           520,000  480,218  425,377 

-  Municipal  and  School                                                  1,115,000  824,297  1^7,050 

0ther  *                                                                         585,000  588,022  541,539 

$3,270,000  $2,558,537  $2,343,656 


Book  Market 
Value  Value 

5T°CCommon   $1,315,875  $1,277,313 


$1,315,875 


$1,277,313 


L48 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


LA  CONCORDE  GOMPAGNIE  D'ASSURANCE  GENERALES 

Head  Office,  Montreal,  Que. 

President,  G.  Brunet;  Vice-President,  R.  Brunet;  Secretary-Treasurer;  M.  Brunet. 
Directors,    G,  Brunet,  M.  Brunet,  R.  Brunet,  L.  Gingras,  M.  Spenard 
Auditors.  -  Coulombe,  Beaudoin  and  Associates. 

Date  o/  Incorporation.  -  March  9,  1906.  Commenced  Business  in  Ontario.  -  April  1,  1941. 
Provinces  in  Which  Licensed.  -  Ontario  and  Quebec. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

COMMON 

No.          Par  Value  Amount  Total 

Authorized                                                                              200,000        _$  5  $1,000,000  $1,000,000 

Subscribed                                                                            20,000         $           5  $  100,000  $  100,000 

Paid  in  cash  or  stock  dividend   $   ^,000  $  100.000 

Contributions  to  Surplus 

Contributions  to  surplus   $  33,492 

Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year   *  Nu< 


Comparative  Balance  Sheet 

Assets  Current  Prior 

Year  Year 

Investments:  _   onn  nnf. 

Short  term  deposits  and  money  market  securities   *  sAJvSa 

Bonds  (Market  value  $354,550)   37Z'J88 

Stocks   7-000 


Cash. 


Summary  of  investments  (sub-total)   $  58 4 ,096 


155,349 


investment  income  due  or  accrued   aq7'v*7 

Amounts  due  from  agents  and  brokers   i  k  090 

Amounts  owing  by  reinsurers   To 

Other  assets   118,470 

Gross  assets   $1,3I«  o?« 

Deduct:  assets  not  admitted   4»,z/o 

Total  assets  admitted   $1,329,419 


445,483 

7,000 

$ 

452,483 

53,493 

5,494 

42 

36,712 

S 

548,224 

33,527 

$ 

514,697 

Liabilities 

Unearned  premiums  extended  at  80%   $  loo'lfi 

Provision  for  unpaid  claims  and  adjustment  expenses   orrq^S 

Amounts  owing  to  reinsurers   97  870 

Deposits  from  reinsurers   ckIAr  4R*Hq4 

Expenses  due  and  accrued   85-606  6S  T3e 

Provision  for  income  tax    ' 

Total  liabilities   $1,070,047  $  114,330 


Reserves  and  Equity 

Reserves:                                                     .  ft     R  QcQ 

Reinsurance  ceded  to  unregistered  companies   »  o.yov   

Capital  and  surplus:  100,000  $  100,000 

Capital  stock  -  Paid   qq  ago  W  4Q2 

Surplus  -  Contributed   iTsoof  266  875 

-  Retained  earnings   118'921  /ob,S/o 

Total  liabilities,  capital  and  surplus   $1,329,419  $  514,697 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


149 


Concorde  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Decreases 


Net  profit  or  loss   14740 

Changes  in  unadmitted  ledger  assets  :  •  •.   a  ota 

Changes  in  reserves  for  outstanding  reinsurance  ceded  to  unregistered  companies   22  000 

Dividends  declared   i*274 

Adjustment  to  prior  years  surplus   ' 

Totals  _147I954_ 

Net  increase  or  (decrease)   _ 2fifi's7^ 

Earned  surplus  at  beginning  of  year   u  ' 

Earned  surplus  at  end  of  year   $  118,921 


Increases 


Balance  at  beginning  of  the  year 
Paid  in  during  the  year  

Balance  at  the  end  of  the  year. . . 


Con- 

Capital 

tributed 

Surplus 

$  100,000 

33,492 

$  100,000 

$  33,492 

Assets  not  Admitted 

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1   $  46'l28 

Advances  to  directors'  employees  and  agents   'Oo« 

Other    !ff 

a     4g  976 

Total  current  year   *     33  527 

Total  prior  year    '  _ 

Net  change   *  14'749 


Comparative  Statement  of  Profit  and  Loss 

Current  Prior 
Year  Year 

Net  premiums  written  ,   *  ^JS'Sf  *  "So'lII 

Unearned  premium  and  additional  policy  reserve  adjustment  

Net  premiums  earned   $  fln'^Q 

Net  losses  incurred  including  adjusting  expenses   /du.«w« 

Sub-total   $  Ugfig 

Commission  and  allowances  •   ooq  97? 

General  expenses   z^.z/o 

Underwriting  profit  or  (loss)   s~  20Jl'5M 

Investment  income   ^0,000 


Net  profit  (loss)  before  income  taxes. 


Income  taxes. 


*-  173,982 
-  71,010 


Net  profit  or  (loss)   $-  102,972 


$ 

-95,003 

$ 

-95,003 

-157,287 

21,570 

$ 

40,714 

46,886 

$ 

87,600 

32,864 

s 

54,736 

Summary  of  Experience  for  the  Previous  Five  Years 


Underwriting  gain  or  loss  (— )  

Investment  and  other  income  

Net  increase  or  decrease  (— )  in  surplus. 

Dividends  to  shareholders  

i  Capital  or  surplus  paid  during  year  

'  Capital  and  surplus  at  end  of  year  

Admitted  assets  at  end  of  year  


1973 


-200,538 
26,556 

-147,954 
22,000 

'■"252,413" 
1.329,419 


1972 


40,714 
46.886 
17,829 


400.367 
514.697 


1971 


1970 


-31,478 
50.126 
18.648 


382.538 
1,044,196 


-31,435 
39,767 
9.316 


363.890 
912,399 


150 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Concorde  (Cont'd) 


Expenses  Incurred 

Commissions  ami  allowances:  _01 

Direct  business   $  qi'SS 

Reinsurance  assumed   ol,4aa 

207,459 

Reinsurance  ceded   $  181,861 

Total   $  25,598 

General  Expenses: 


Advertising . 


$  3,988 


Audit  and  legal...::   20,004 

Automobile  and  travelling   R71 

Employee  benefits  -  Hospital,  medical,  group  life  and  general   orl 

-pensions  :   11  en 

-  Unemployment  insurance  and  workmen's  compensation   700V 

Entertainment   I'Ior 

Equipment  (excluding  automobiles  and  EDP)   c'-ia 

Equipment  -  EDP   °'„__ 

Express  freight  and  postage   qqo 

Insurance  (company  coverage)   ^£ 

Loss  prevention   1 

Maintenance  and  utilities  -  premises   on  not 

Mercantile  and  investigation  reports   1*70 

Licenses  (excluding  agents')   i'r7r 

Miscellaneous   aqoos 

Printing  and  stationery   Tq'-oq 


Rent  -  premises  

Salaries  

Telephone  and  telegraph. 

Taxes  -  Municipal  and  sundry  

-Premiums   tt^Q 

Management  fee   rfo.ioa 

Total  •    *  293,275 


13,503 
76,306 
5,535 
406 


Investment  Income  and  Expenditure 


Short  term  deposit  and  money  market  securities. . 

Bonds  

Stocks  

Amortization  -  discount  or  premium  on  securities. 

Deposits  and  bank  charges  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  1,728 

24,015 

204 

2,912 

304 

1,999 

$26,556 

Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

285,367 
919,617 

32,012 
218,980 
21,621 

$ 

$ 

174,151 
411,087 

16,006 
107,808 
10,810 

$ 

111,216 
508,530 

16,006 
111,172 
10,811 

$ 

45,227 
395,739 

8,003 
59,834 
5,406 

$ 

19,657 
314,087 

16,474 
48,055 
1,441 
69,688 
260,977 

% 

43.5 
79.4 

205.8 
80.3 
26.6 

Automobile -Liability. . 
Automobile  -  Personal 

Automobile -Other.  .  .  . 

Portfolio  of  losses  

Portfolio  of  reinsurance 

Totals  

285,800 

285,800 

285,800 

91.3 

1,477,597 

285,800 

719,862 

1,043,535 

800,009 

730,379 

91.3 

ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE  151 


Concorde  (concl'd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned 
Premiums 
at  Year 
End 

AT  100% 

Net 
Provision 
for  Unpaid 
Claims 
at  End 
of  Year 

$ 

$ 

63,989 
112,791 

8,003 
51,338 

5,405 

16,433 
223,485 
16,457 
23,387 
1,139 
126,825 

85,086 

243,526 

492,812 

Summary  of  Bonds  and  Stocks 

Par 
Value 

Book 
Value 

Market 
Value 

$     24  977 
137i017 
74,381 
140,721 

$     22  800 
130|200 
by.oUU 
131,750 

$  393,000 

%  377,096 

$  354,550 

Book 
Value 

Market 
Value 

Stocks:  s 

$  

7,000 

7,200 

152 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


N. 


CONSTITUTION  INSURANCE  COMPANY  OF  CANADA 

Head  Office,  Toronto,  Ont. 

Chairman,  C.  M  Roddewigj  President,  T.  Child;  Vice-President  and  Secretary-Treasurer.  W.  H 
Hitch;  Vice-President  Marketing,  R.  L.  Bull.  . 

p    i    Hogan,  L.  F.  Hoebel.  F.  A.  Walton.  G.  R.  Muchemore,  T.  Child,  R.  L.  Ronson,  E.  Dubois, 
C,  M.  Roddewig,  J.X.  Whittaker,  H.  A.  K.  Brown,  W.  H.  N.  Hitch. 
Auditors,  -  Peat,  Marwick,  Mitchell  &  Co. 

Uion,     lime  27,  1962.  Commenced  Business  in  Ontario.- July  12,  1962. 
Provinces  in  Which  Licensed.  -  Ontario,  Prince  Edward  Island,  Manitoba,  New  Brunswick,  Saskatchewan, 
Alberta  and  British  Columbia. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

COMMON 

No.        Par  Value  Amount  Total 

Authorized                                                                          10,000       $  100  $  1,000,000  $  1,000,000 

Subacribed                                                                           10.000       $          100  $  1,000,000  $  1,000,000 

Paid  in  cash  or  stock  dividend   »  l-™-™  *  1 ,000,000 


Contributions  to  Surplus 

Other  contributions  to  surplus  

Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year  


$  1,460.746 


$  Nil 


Comparative  Balance  Sheet 

Current  Prior 
Assets  Year  Year 

Investments:  ...  «     unnsi  s     166  860 

Short  term  deposits  and  money  market  securities   »     itV  i  it  7  1 1771^ 

Bonds  -  (Market  value  $8.943,583)   45  862  45'862 

Stocks   ^_  '  ' 

Summary  of  investments  (Sub-total)   $  9  526  275  $  ? Stfl 

Cash   210005  159  031 

Investment  income  due  or  accrued   12  874  15  676 

Amounts  due  from  agents  and  brokers   „t£ '°i2  13*142 

Amounts  owing  by  reinsurers   144  6Q6  162  530 

Other  assets   _____   — 

ron55    $10,679,836  $  8,374,444 

Gross  assets   w      on  «9H  14  784 

Deduct:  Assets  not  admitted   -U.ozo  ' 

Total  assets  admitted   $10,659,211  $  8-359,660 


Liabilities 


$  2,175.902 
2,337 
2,916,452 


Unearned  premiums  extended  at  80%   '  o  _«a_nR 

Unearned  premiums  extended  at  100%  :   I'oit'lm 

Provision  for  unpaid  claims  and  adjustment  expenses   280000 

Provision  for  income  tax   223  052 

Bank  overdraft  and  loans   o'qOO                  22  889 

Amounts  owing  to  reinsurers   118*293                 124  583 

Expenses  due  and  accrued   1764 

Agents'  and  brokers'  credit  balances   qi  aqi                   55  157 

Other  liabilities   dl|4Ui  ' 


Totals  liabilities   $  7,718,739 


$  5,297,320 


Total  liabilities,  capital  and  surplus   $10,659,211 


Reserves  and  Equity 

Reserves:                                                      .  «  7 

Reinsurance  ceded  to  unregistered  companies   *  ''^ 

Capital  and  surplus:  1  000,000           $  1,000,000 

Capital  stock  -  Paid    1  460  746  1.460,746 

Surplus          -Contributed..   472  371  601,594 

-  Retained  earnings   *t*,oi  >■    . 


$  8,359,660 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


153 


Constitution  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets  

Changes  in  reserve  for  outstanding  reinsurance  ceded  to  unregistered  companies. 

Charge  for  refundable  Part  I  income  tax. ....   ....  .....   

Change  in  1972  and  prior  unearned  premiums  from  80%  to  lUU/0  


Net  decrease  

Earned  surplus  at  beginning  of  year. 

Earned  surplus  at  end  of  year  


Paid  in  during  the  year  

Balance  at  the  end  of  the  year. 


Decreases 

Increases 

$  

5,841 
7,355 
136.000 
543,976 

$563,949 

$693,172 

$563,949 

8  -129,228 
601,594 

472,371 

Capital 

Con- 
tributed 
Surplus 

$1,000,000 

$1,460,746 

$1,000,000 

$1,460,746 

Assets  Not  Admitted 


Excess  of  book  value  of  stocks  over  market  value. 
Deferred  charges  or  prepaid  expenses  


Total  current  year. 
Total  prior  year  


Net  change. 


15,348 
5,277 


20,625 
14,784 


5,841 


Comparative  Statement  of  Profit  and  Loss 


Current 
Year 


$  9,647,158 
116,567 


Net  premiums  written  •  

Unearned  premium  and  additional  policy  reserve  adjustment  

Net  premiums  earned   $  7'97O068 

Net  losses  incurred  including  adjusting  expenses   1 

c  i  .  .  ,    $  2,260,523 

Sub-total   820  358 

Commission  and  allowances   .  4  59  886 

General  expenses   '  '  ' 

  -19,721 

;;;;;;;;;;;;;;;;;;;;;;   727,670 

  707,949 

;;;;;;;;;;;;;;;;;;;;;;;   144,000 

  $  563,949 


Underwriting  loss  ( — ) . 
Investment  income  


Net  profit  before  income  taxes 
Income  taxes  


Prior 
Year 

$  7,209,003 
556,022 

$  6,652,981 
5,077,150 


Net  profit. 


$  1,575,831 
308,689 
1,310,082 

-42,940 
490,209 

447,269 


$  447,269 


Summary  of  Experience  for  the  Previous  Five  Years 


Underwriting  gain  or  loss  ( — )  

Investment  and  other  income  

Net  increase  or  decrease  ( — )  in  surplus 

Dividends  to  shareholders  

Capital  or  surplus  paid  in  during  year. . 

Capital  and  surplus  at  end  of  year  

Admitted  assets  at  end  of  year  


1973 


-19,721 
727,670 

-129,223 


2,933,117 
10,659,211 


1972 


-42,940 
490,209 
481,653 

'"566,066 
3,062,340 
8,359,660 


1971 


135,841 
339,537 
512,067 


2,080,687 
5,623,917 


1970 


-479,056 
455,842 
3,690 


1,568,620 
3,734,890 


154 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


(Constitution  (cont'd) 


Analysis  of  Balance  Sheet  -  Current  Year 

In  Out  cf 

Assets  Canada  Canada 

[n vestments! 

Short  term  deposits  and  money  market  securities   $     116,860  $  23,225 

tv>:uls-  ^  Market  value  SS.9-t3.583)   9,254,117   

Stocks   45.862   

Summary  of  investments  (Sub-totals)   $  9,416,839  $  23,225 

Cash   526,275   

Investment  ineome  due  or  accrued   210,005   .... 

Amounts  due  from  agents  and  brokers   12,874 

Amounts  owing  bv  reinsurers   1,241  344,681 

Other  assets  ."   127,912  16,784 

GROSS  ASSETS   $10,282,272  $  397,564 

Deduct:  Assets  not  admitted   20,625   

Total  assets  admitted   $10,261,647  $  397.564 


Liabilities 

Unearned  premiums  extended  at  100%   $  2,830,330  $  8,076 

Provision  for  unpaid  claims  and  adjustment  expenses   3,896,672  319,161 

Bank  overdraft  and  loans   181,029  42,023 

Agents'  and  brokers'  credit  balances   1,764   

Amounts  owing  to  reinsurers   9,900   o'ao'o 

Expenses  due  and  accrued   115,370  2,923 

Provision  for  income  taxes   280,000   

Other  liabilities   29,666  1,825 

Total  liabilities   $  7,344,731  $  374,008 


Reserves  and  Equity 

Reserves: 

Reinsurance  ceded  to  unregistered  companies                                                      $  7,355  $  

Capital  and  surplus: 

Capital  stock  -  Paid   1,000,000   

Surplus  Contributed   M52'Ztf  ' oo'^fi 

-  Retained  earnings   448,815  23,55b 


Total  liabilities,  capital  and  surplus   $10,261,647 


397,564 


Analysis  of  Statement  of  Profit  and  Loss  -  Current  Year 

In  Out  of 

Canada  Canada 

Net  premiums  written   $  8,397,676  $  1.249.482 

Unearned  premium  and  additional  policy  reserve  adjustment   110,452  o.llo 

Net  premiums  earned   $  8,287,224  $  1,243,367 

Net  losses  incurred  including  adjusting  expenses   6,333,543  936,525 

Sub-totals   $  1,953,681  $  306,842 

Commission  and  allowances   630,529 

General  expenses   1.338,112  121.774 

Underwriting  (loss)  (—)   ~JAif2  ~HU 

Investment  income   720,797  o,»<^ 

NET  PROFIT  before  INCOME  TAXES   $      705,837  $  2,112 

Income  taxes   I44.000   

Net  Profit   $     561,837  $  2.112 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


155 


Constitution  (cont'd) 

Expenses  Incurred 

Commissions  and  Allowances: 

Direct  business   •  l,6bl 

Less:  Reinsurance  ceded   54111/4 

Total   $  820,358 

General  Expenses: 

Advertising   fi'nSi 

Audit  and  legal   J7.084 

Automobile  and  travelling   V  ™^ 

Bad  debts   -7'2?n 

Bureaus  and  associations   tnn 

Directors   3UU 

Employee  benefits  -  Hospital,  medical,  group  life  and  general   o^'o^f 

-  Pensions   1* ««k 

-  Unemployment  insurance  and  workmen's  compensation   5,865 

Entertainment   2^'yll 

Equipment  (excluding  automobile  and  EDP)   0071  a 

Express,  freight  and  postage   9741 

Insurance  (company  coverage)   /,/41 

Investments  (direct  charges)   i"c«k 

Licenses  (excluding  agents')   qaai 

Maintenance  and  utilities  -  Premises   6 -'J41 

Mercantile  and  investigation  reports   fro^a 

Miscellaneous   inn'a7fi 

Printing  and  stationery   V^'olo 

Rent  -  Premises  

Salaries   555,464 

Statistical  and  tabulating   ^2,230 

Taxes  -  Municipal  and  sundry  

-Premium   ^'sSo 

Telephone  and  telegraph   il  1  790 

London  branch  expenses   1H.//U 

Total   $  1,459,886 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  .  •  • 

Amortization  -  discount  or  premium  on  securities. 

Safekeeping  fees  

Other  investment  expenses  

Net  investment  income  


Income 

Expendi- 

ture 

$  51,854 

675,748 

2,071 

3,618 

$  4,007 

1,614 

$727,670 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Property  

$ 

1,724,941 
4,401,182 
485,901 
2,543,045 
189 
51,186 
2,550,101 

$ 

$ 

10,966 
169,112 
15,006 
7,919 

$ 

1,713,975 
4,232,070 
470,895 
2,535,126 
189 
48,455 
646,448 

$ 

1,662,523 
4,221,574 
462,282 
2,497,719 
152 
39,893 
646,448 

$ 

1,177,614 
3,430,006 
436,269 
1,864,069 

% 

70.83 
81.25 
94.37 
74.63 

Automobile  -  Liability. 

-  Pers.  Acc. 

-  Other. . . . 

2,731 
1,903,653 

—20 
362,130 

Accident  and  sickness. . 

Totals  

56.02 

11,756,545 

2,109,387 

9,647,158 

9,530,591 

7,270,068 

76.28 

L56 


ANNUAL  REPORT—  SUPERINTENDENT  OF  INSURANCE 


Constitution  (concl'd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  ok  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

164,836 
1,532,853 
180,694 
934,192 
99 

433,229 
3,135,620 
243,539 
367,831 

26,221 

6,050 
48,907 

2,838,895 
-489 

4,235,176 
-19,848 

2,838,406 

4,215,833 

Summary  of  Bonds  and  Stocks 

Par                  Book  Market 

Value                Value  Value 

°N  Canadian  -  Federal                                                                  $  695,000  $  692,951  $  702,358 

-  Provincial                                                                    1,234,000  1,224,308  1,189,133 

-  Municipal  and  School                                               2,299,000  2,293,879  2,259,915 

Other                                                                                       5,064,000  5,042,979  4,792,177 

$9,292,000  $9,254,117  $8,943,583 


Book  Market 

Value  Value 

Stocks  * 

Preferred                                                                                                           $     16,966  $  6,787 

c—                                                    28,896  23,725 

$     45,862  $  30,512 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


157 


CO-OPERATORS  INSURANCE  ASSOCIATION 

Head  Office,  Guelph,  Ont. 

Officers.  -  President,  C.  G.  Munro;  First  Vice-President,  K.  Weatherley;  Second  Vice-President,  T.  Langman 
General  Manager /Secretary-Treasurer,  T.  Haalboom. 

Directors.  -  D.  R.  Bell,  J.  Bonner,  F.  Cryderman,  L.  Davey,  T.  Langman,  C.  G.  Munro,  F.  D.  Wall,  K.  W. 
Weatherley,  E.  Reed,  H.  Schmidt. 

Auditors.  -  Deloitte,  Haskins  &  Sells. 

Date  of  Incorporation.  -  November  1,  1950.  Commenced  Business  in  Ontario.  -  January  1,  1951. 
Provinces  in  Which  Licensed.  -  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

Capital  stock  authorized: 

Amount- $54,140,600.  ,  m 

No.  of  shares  -  1st  preference  5%,  433,377;  par  value  $100. 

2nd  preference  3%,  199,208;  par  value  $25. 
Common,  55,000;  par  value  $100. 


No.  OF 
Shares 

Capital  stock  issued  and  outstanding  at  beginning  of  year: 

1st  preference   g5,b  >() 

2nd  preference  

Common   4.°00 

Increase  in  issued  stock: 

1st  preference   t  iei 

2nd  preference   5,181 

Capital  stock  issued  and  outstanding  at  end  of  year: 

1st  preference  

2nd  preference  

Common   4.°00 


Amount 
Subscribed 

$5,566,000 
941,650 
400,000 


$6,907,650 


463,900 
129,525 


$  593,425 


$6,029,900 
1,071,175 
400,000 

$7,501,075 


Amount 
Paid  In 
Cash 

$5,566,000 
941,650 
200,000 

$6,707,650 


$  463,900 
129,525 


$  593,425 


$6,029,900 
1,071,175 
200,000 

$7,301,075 


Percentage  of  calls  made  to  date  -  common.  50%;  preferred,  100%. 
Amount  of  calls  unpaid  at  end  of  year  -  nil. 


Contributions  to  Surplus 


Premium  on  capital  stock. 


$44,965 


Comparative  Balance  Sheet 


Assets 

Current 
Year 

Investments:  „S..R17 

Short-term  deposits  and  money  market  securities   $™'5o7nni 

Bonds  (Market  value  $28,417,066)   ?Hfiffi 

Stocks   4?'?5?'nfi? 

Mortgage  loans  and  sales  agreements   1''^'»UD1 

Current  Prior 
Year  Year 

Real  estate    $7,127,850  $7,318,533 

Encumbrances!..'...'                                          629,690                633,562  6,498,160 

Secured  loans   oS'JS 

Subsidiaries,  associates  and  affiliates    _____ 

Summary  of  investments  (Sub-total)   $85'447'293 

Investment  income  due  or  accrued   ^? 

Amounts  owing  by  reinsurers  

Other  assets   571,935 

Gross  assets   $86,628,026 

Deduct:  assets  not  admitted   .^^^^ 

Total  assets  admitted   $86,628,026 


Prior 
Year 

$  2,500,000 
22,769,134 
36,613,294 
642,304 


6,684,971 

106.876 
1,210,850 

$70,527,429 
676,157 
429,467 
37,463 
584,750 

$72,255,266 


$72,255,266 


15S 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Co-operators  (cont'd) 


Liabilities 

Current  Prior 

Year  Year 

Unearned  premiums  extended  at  100%                                                         $14,379,183  $13,549,110 

Additional  policy  reserves                                                                                26,982  26,437 

n  toi  unpaid  claims  ami  adjustment  expenses                                                     43,284,289  37,901,742 

Bank  overdraft  and  loans   778,252   

Agents'  and  brokers'  credit  balances                                                                    85,987  72,476 

Amounts  owing  to  reinsurers                                                                            1,641,341  162,758 

Expenses  due  and  accrued                                                                                2,218,143  2,141,534 

Provision  for  income  tax                                                                                 2,310,686  1,050,000 

Other  liabilities                                                                                                627,297  208,883 


TOTAL  LIABILITIES   $65,352,160  $55,112,940 

Reserves  and  Equity 

Reserves: 

General   $  7,390,128  $  6,472,365 

Capital  and  surplus: 

Capital  stock  -  paid   7,301,075  6,707,650 

Surplus -contributed   44,965  44,079 

-  retained  earnings   6,539,698  3,918,232 

Total  liabilities,  capital  and  surplus   $86,628,026  $72,255,266 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Decreases 

Increases 

  $  917,763 

  496,247 

$4,035,476 

  $1,414,010 

$4,035,476 

Net  increase   $2,621,466 

Earned  surplus  at  beginning  of  year   3,918,232 

Earned  surplus  at  end  of  year   $6,539,698 


Balance  at  beginning  of  the  year, 
Paid  in  during  the  year  

Balance  at  the  end  of  the  year. . . 


Con- 

Capital 

tributed 

Surplus 

$6,707,650 

$  44,079 

593,425 

886 

$7,301,075 

$  44,965 

Comparative  Statement  of  Profit  and  Loss 

Current  Prior 

Year  Year 

Net  premiums  written   $53,940,993  $52,345,291 

Unearned  premium  and  additional  policy  reserve  adjustment   830,618  2,585,099 

Net  premiums  earned   $53,110,375  $49,760,192 

Net  losses  incurred  including  adjusting  expenses   38,420,417  37,522,187 

Sub-total    $14,689,958  $12,238,005 

Commission  and  allowances   1,970,167  2,254,483 

General  expenses   10,780,123  8,856,836 

Underwriting  profit   $  1,939,668  $  1,126,686 

Investment  income,   4,670,955  3,463,016 

Other  income  and  expenditure   —65,928  —13l,SS6 

Net  profit  before  income  taxes   $  6,544,695  $  4,457,816 

Income  taxes  .   2,509,219  1,050,000 

Net  profit   $  4,035,476  $  3.407.S16 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


159 


Co-operators  (cont'd) 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease.  ( — )  in  surplus  

$ 

1,939,668 
4,605,027 
2,621,466 
496,247 
594,311 
13,885,738 
86,628,026 

$ 

1,126,686 
3,331,130 
2,337,289 
416,527 
1,172,372 
10,669,961 
72,255,266 

$ 

-1,987,655 
2,315,071 
-708,594 
344,476 
1,135,821 
7,160,304 
55,841,113 

$ 

17,482 
1,841,094 
330,370 
310,206 
339.466 
6,733,077 
44,441,674 

$ 

1,350,736 
1,576,905 
281.853 
255,788 
226,469 
6,063,241 
40,274,378 

Expenses  Incurred 

Commissions  and  Allowances:  .  0  .AO  K7. 

Direct  business   oifioonT 

Reinsurance  assumed   z.ioa.zu/ 

c  .  t  .  ,    4,611,781 

Sub-total   o  «/m  aia 

Less:  Reinsurance  ceded   ^.tm.oi* 

Total   I  i'970-167 

General  Expenses:  «.  eohqqi 

Advertising   $  tUtl 

Audit  and  legal   zot'hlZ 

Automobile  and  travelling  


Directors  ;  ■ 

Employee  benefits  -  Hospital,  medical,  group  life  and  general. 
Pensions. 


Interest  on  financing. 
Investments  (direct  charges) , 


27,690 
278,262 
632,027 


-  Unemployment  insurance  and  workmen's  compensation   on^'filo 

Equipment  (excluding  automobile  and  EDP)   70a  7«a 

Equipment  -  EDP. 


793,763 
311,810 


Express,  freight  and  postage   0 

Insurance  (company  coverage)   18*436 

  -171 

    40,973 


Licenses  (excluding  agents')  

Loss  prevention     ....  ......   106456 

Maintenance  and  utilities  -  Premises   1 V7  47^ 

Mercantile  and  investigation  reports   —AW  770 

Miscellaneous   aaQ4.qR 

Printing  and  stationery   «7e'^9a 

!r^emr::::::::::::-  *•  f 

Statistical  and  tabulating   f 

Taxes  -  Municipal  and  sundry 


-  Premium  ..'.'.'.*.'.'....   M^nntl 

Telephone  and  telegraph  

Total   $10,780,123 


Investment  Income  and  Expenditure 


Stocks  

Mortgage  loans  and  sales  agreements  

Secured  loans  

Deposits  and  bank  charges  

Amortization  -  discount  or  premium  on  securities. 
Profit  or  loss  on  sale  of  investments  


Income 

Expendi- 

ture 

$  191,718 

1,971,804 

2,208,359 

89,984 

8,314 

$  17,725 

157,841 

60,660 

Net  investment  income. 


$4,670,955 


Other  Income  and  Expenditure 


Building  costs  (net) . 


Income 

Expendi- 

ture 

S65.928 

L60 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Go-operators  (concl'd) 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Property  

Automobile  -  Liability  . 

-  Pers.  acc. 

-Other. . .  . 

$ 

4,889,186 
29,290,971 
3,074,495 
16,745,543 
97,317 
10.727 
1,505,071 
1,205.891 

$ 

166,218 
5,174,948 

438,409 
2,982,902 

St 

209,998 
6,599,836 

698,276 
3,964,406 
11,837 

St 

4,845,406 
27,866,083 
2,814,628 
15,764,039 
85,480 
10,727 
1,454,740 
1,099,890 

$ 

4,600,965 
27,671,785 
2,790,840 
15,448,722 
79,610 
10,845 
1,411,415 
1,096,738 

$ 

2,846,160 
10,571,287 
3,719,390 
19,830,523 
21,313 
-13,067 
949,793 
495,018 

/o 

61.86 
38.20 
133.27 
128.36 
26.77 

50,331 
106,001 

67.29 
45.14 

Accident  and  sickness. . 

Totals  

56,819,201 

8,762,477 

11,640,685 

53,940,993 

53,110,920 

38,420,417 

72.34 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

1,434,557 
7,454,420 
601,641 
4,222,331 
46,602 
5,496 
417,651 
196,485 

$ 

691,156 
24,610,598 
3,183,460 
13,019,537 
13,655 
2,000 
1,126,105 
637,778 

14,379,183 

43,284,289 

Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 

B°N  Canadian  -  Federal                                                                 $     970,000  $     891,629  $  808,200 

-Provincial                                                                   9,172,250  8,708,642  8,144,811 

-  Municipal  and  School                                                  960,000  941,662  893,700 

Other                                                                                      19,377,000  19,239,164  18,570,355 


$30,479,250  $29,781,097  $28,417,066 


Book  Market 
Value  Value 

ST0Cpref  erred    $22,024,300  $19,108,311 

Common  .'   20.232,008  29,454,916 


$42,256,308 


$48,563,227 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


161 


CORONATION  INSURANCE  COMPANY  LIMITED 

Head  Office,  Toronto,  Ont. 

Officers  -  President,  G.  J.  Stewart;  Executive  Vice  President  and  General  Manager,  G.  Edwards;  Secretary, 
F  W  MacDonald;  Treasurer,  E.  Klassen;  Assistant  Secretary,  M.  Van  Haagan. 

Directors.  -  W.  L.  Moynihan.  G.  J.  Stewart,  F.  F.  E.  Allen,  C.  F.  Hughesdon,  F.  W.  MacDonald.  G.  Edwards. 
S.  R.  Marsh,  C.  F.  Dumaresq,  E.  J.  G.  Henry. 

Auditors.  -  Peat,  Marwick,  Mitchell  &  Co. 

Date  of  Incorporation.  -  Oct.  15,  1953.  Commenced  Business  in  Ontario.  -  Jan.  1,  1954. 

Provinces  in  Which  Licensed.  -  Ontario,  New  Brunswick,  Quebec,  Manitoba,  Alberta,  Saskatchewan,  Prince 
Edward  Island. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 


No. 

COMMON 
Par  Value 

Amount 

Total 

  10.000 

$ 

100 

$1,000,000 

$1,000,000 

  7,260 

  534 

$  726,000 
26.700 

$  752,700 

$  752,700 

$  752,700 

Contributions  to  Surplus 

$  172,216 

Amount  of  calls  unpaid  at  end  of  year. . . 

Unpaid  Calls 

Nil 

Comparative  Balance  Sheet 


Current  Prior 
Year  Year 


Assets 

Investments:                                         ,             ...  «     M^nnn  $     250  000 

Short  term  deposits  and  money  market  securities   »     740917  71^  257 

Bonds  -  (Market  value  $717,751)                                                                              6I7II  40,785 

Stocks    '   !  

Summary  of  investments  (sub-total)   *  1,326,960  $  1.006,042 

Cash  .  •                                                                                   25*297  12*,010 

Investment  income  due  or  accrued                                                                                 249*178  22  920 

Amounts  due  from  agents  and  brokers   26  642 

Amounts  owing  by  reinsurers                                                                                          10*259  48,686 

Other  assets    '    _   !  

^                                                                                                      ..  $  1,687,806  $1,111,347 

Gross  assets   "      72  146  15  914 

Deduct:  Assets  not  admitted   '   ' 

_  $  1  615  660  $  1,095,433 

Total  assets  admitted   ;  1,01J'"U  '     '  _ 


Liabilities 

Unearned  premiums  extended  at  80%   '      44,203  $  ^qoo 

Unearned  reinsurance  commission  4  980  5!,833 

Additional  policy  reserves   22r>'2n  12*243 

Provision  for  unpaid  claims  and  adjustment  expenses   117  447 

Bank  overdraft  and  loan   175  254  8,966 

Amounts  owing  to  reinsurers   2  908  1*.250 

Expenses  due  and  accrued   96  000 

Provision  for  income  tax   32*761  41,968 

Other  liabilities   '  .  

^  $     625  766  $  79,488 

Total  liabilities   *    "  J,( 

Reserves  and  Equity 

Reserves:                                .        ,             .  eq  050 

Reinsurance  ceded  to  unregistered  companies   ow.wu* 

Capital  and  surplus:  752  700  752,700 

Capital  stock  -  Paid    172*216  172,216 

Surplus  -  Contributed.    5  026  91,029 

-  Retained  earnings   .  


Total  liabilities,  capital  and 


SURPLUS   $  1,615,660  $  1,095,433 


162 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


( Soronatioii  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Decreases 

Increases 

$  30,181 

$  56,232 

Changes  Ln  reserve  foi  outstanding  reinsurance  ceded  to  unregistered  companies  

59,952 

Totals 

$116,184 

$  30,181 

Net  decrease   $—86,008 

Earned  surplus  at  beginning  of  year   91,029 


Earned  surplus  at  end  of  year   $  5,026 


Con- 

Capital 

tributed 

Surplus 

  $752,700 

$172,216 

Balance  at  the  end  of  the  year  

  $752,700 

$172,216 

Assets  Not  Admitted 


Excess  of  book  value  of  stocks  over  market  value   $  29,243 

Amount  due  from  agents  and  brokers  on  business  written  prior  to  October  1   33,894 

Deferred  charges  or  prepaid  expenses  (including  agents'  commissions)   2,855 

Advances  to  directors,  employee  or  agents   200 

Office  furniture,  equipment,  autmobilies,  maps,  plans  and  stationery   5,954 


Total  current  year   $  72,146 

Total  prior  year   15,914 


Net  change   $  56,232 


Comparative  Statement  of  Profit  and  Loss 


Current  Prior 
Year 


$  24,722 

Unearned  premium  and  additional  policy  reserve  adjustment   39,122  —4,330 


Net  losses  incurred  including  adjusting  expenses. 


Commission  and  allowances  

General  expenses  

Underwriting  loss  (  — ). 

Investment  income  

Other  income  and  expenditure. . 


Income  taxes. 


Year 

$ 

399,040 

39,122 

8 

359,918 

257,825 

$ 

102,093 

22,797 

92,825 

* 

-13,529 

61,394 

8,316 

$ 

56,181 

26,000 

$ 

30,181 

29,052 

17,408 

11,644 

-687 

25,368 

$ 

-13,037 

24,371 

2,047 

$ 

13,381 

$ 

13,381 

Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Underwriting  gain  or  loss  (  — )  

$ 

-18,529 
69,710 
-86,003 

$ 

-13,087 
26,418 
22,695 

$ 

35,921 
12,536 
13,827 

$ 

23,751 
11,344 
21,937 

$ 

14.327 
10.424 
10,276 

724,973 
1,015,945 
1,095,433 

929,942 
1,615,660 

275,777 
352,086 

251.949 
345,351 

230,012 
284,069 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


163 


Coronation  (Cont'd) 


Analysis  of  Balance  Sheet— Current  Year 

In 

Assets  Canada 

Investments:  «     ^9^  (W> 

Short  term  deposits  and  money  market  securities   »  710917 

Bonds  -  (Market  value  $717,751)   61  743 

Stocks    !_ 

Summary  of  investments  (Sub-totals)   $  ^q^q 

Cash  j   25*297 

Investment  income  due  or  accrued   122*278 

Amounts  due  from  agents  and  brokers   26*642 

Amounts  owing  by  reinsurers   10  259 

Other  assets    ' 

$  1,560,906 

Gross  assets   *    '  72146 

Deduct:  Assets  not  admitted   ' 

Total  assets  admitted   $  1,488,760 

Liabilities 

Unearned  premiums  extended  at  80%   $  "4980 

Additional  policy  reserves   fiq'sRQ 

Provision  for  unpaid  claims  and  adjustment  expenses   117  447 

Bank  overdraft  and  loans   140  092 

Amounts  owing  to  reinsurers   2*908 

Expenses  due  and  accrued   26  000 

Provision  for  income  taxes   32*761 

Other  liabilities    ' 

Total  liabilities   *  416'092 

Reserves  and  Equity 

Reserves:                                 .  «       kq  qco 

Reinsurance  ceded  to  unregistered  companies   »  oy.yo* 

Capital  and  surplus:  752  700 

Capital  stock  -  Paid   171?' 216 

Surplus:  -  Contributed   CT'enn 

-  Retained  earnings   8/'SUU 

Total  liabilities,  capital  and  surplus   $  1,488,760 


Out  of 
Canada 


$  126,900 


$  126,900 


$  126,900 


$  21,588 
152j924 
357162 

$  209.674 


W74 


126.900 


Analysis  of  Statement  of  Profit  and  Loss— Current  Year 

In 
Canada 

Net  premiums  written  • •  •  ■  ■   *  1i7,t^4 

Unearned  premium  and  additional  policy  reserve  adjustment   1 '  'OJ^ 

Net  premiums  earned   $  1a«44fi 

Net  losses  incurred  including  adjusting  expenses   °°' 

Sub-totals   $  3/?° 

Commission  and  allowances   92  825 

General  expenses    ' 

Underwriting  profit  or  (loss)   *  _4J 

Investment  income   '417 

Other  income  and  expenditure    

Net  profit  before  income  taxes   *      26  000 

Income  taxes    ' 

Net  profit  or  (loss)   *  -14.044 


Out  of 
Canada 


$  259.540 
21.588 


$ 

237.952 

169,379 

$ 

68.573 

32.247 

36.326 

7.899 

s 

44.225 

$ 

44,225 

164 


ANNUAL  REPORT     SU  PKRINTENDENT  OF  INSURANCE 


Coronation  (cont'd) 


Expenses  Incurred 

Commissions  ami  Allowances: 


Direct  business   $  364,870 

Reinsurance  assumed   60,479 

Contingent  commissions  

Sub-total   $  425,349 

Less:  Reinsurance  ceded   402,552 


Total   22,797 


General  Expenses; 

Advertising                                                                                                                                    $  1,129 

Audit  and  legal   6,428 

Automobile  and  travelling   8,141 

Directors   1,750 

Employee  benefits-  Hospital,  medical,  group  life  and  general   1,067 

-Pensions   508 

-  Unemployment  insurance  and  workmen's  compensation   180 

Express,  freight  and  postage   150 

Insurance   430 

Licenses  (excluding  agents')   3,875 

Miscellaneous   1,806 

Printing  and  stationery   3,754 

Rent  -  Premises   4,815 

Salaries    50,841 

Statistical  and  tabulating   1,573 

Taxes  -  municipal  and  sundry   1,821 

-  Premium   1,933 

Telephone  and  telegraph   2,624 

Total   $  92,825 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities, 

Bonds  

Stocks  

Profit  or  loss  on  sale  investments  


Income 

Expendi- 

ture 

$  18,340 

41,772 

450 

832 

$  61,394 


Other  Income  and  Expenditure 


Profit  on  exchange  

Interest  re  OCA  

Interest  on  losses  withheld. 


Income 

Expendi- 

ture 

$  7,899 

214 

203 

S  8,316 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Property  

Hail  

Automobile  -  Liability . 
Liability  

$ 

416,430 
280,409 

$ 

36,265 
15,455 
337,589 

-2,394 

$ 

382,676 
270,850 
52,525 
16,817 
2,369 
667,218 

$ 

70,019 
25,014 
285,064 
-1,867 
262 
20,048 

$ 

50,720 
25,014 
258,527 
-538 
698 
14,632 

$ 

33,444 
10,872 
200,640 
3,820 
431 
8,618 

% 

65.94 
43.46 
79.61 

17,844 
2,631 
670,569 

Accident  and  sickness. . 
Aircraft  

Totals  

61.75 
58.90 

16,697 

1,387,883 

403,612 

1,392,455 

399,040 

349,053 

257,825 

73.86 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


165 


Coronation  (concl'd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

22,756 
26.537 
545 

$ 

21,998 
185,038 
6,787 
300 
8,090 

5,416 

55,254 

222,213 

Summary  of  Bonds  and  Stocks 

Par 
Value 

B°N Canadian-  Federal   *     3S'nSn  $ 

Other..^  390:000 

$     750,000  $ 

Stocks:  « 
Common  


Book 
Value 

326,811 
24,406 
389,000 

740,217 


Book 
Value 


61,743 
61,743 


Market 
Value 

$  315,970 
24,281 
377,500 

$  717,751 


Market 
Value 


32,500 


32,500 


L66 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


GERLING  GLOBAL  GENERAL  INSURANCE  COMPANY 

Head  Office,  Toronto,  Ont. 

('  Chain  BH  oi  the  Board,  H.  Gerling;  Vice  Chairman  of  the  Board,  N.  E.  Phipps;  President,  A.  Brandin; 

I   rreasurer,  R.  R.  Kern;  Vice-President,  Manager  and  Secretary,  G.  P.  Lautenschlaeger; 
..  \.  Hassall;  Vice  President,  K.  Kallrath;  Assistant  Vice-President,  D.  F.  Cutbush;  Assistant  Treasurer, 

a.  m.  Bayne. 

-H.  Gerling,  X.  E.  Phipps,  I.  M.  R.  Corbet,  L.  P.  Gelinas,  W.  P.  Gilbride,  T.  Baer,  R.  W.  Finlayson, 
11.  1  .  1  omsden,  P.  Mehlhorn,  D.  S.  Beatty,  G.  P.  Lautenschlaeger,  T.  F.  Moore,  K.  E.  Scott,  A.  H.  Brandin. 
Auditors.  -  Coopers  &  Lybrand. 

ration.  -  Aug.  12,  1955.  Commenced  Business  in  Ontario.  -  Feb.  17,  1956. 
ts  :>-.  Which  Licensed.  -  Alberta,  British  Columbia,  Manitoba,  New  Brunswick,  Ontario,  Saskatchewan, 
and  Quebec. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


Capital  Stock 

COMMON  PREFERRED 

No.         Par  Value      Amount  No.  Par  Value      Amount  Total 

Authorized                 18,000       $          100  $  1,800,000  8,000  $          100    $    800,000  $  2,600,000 

Subscribed                   8,000       $          100  ft     800,000  8,000  $          100    $     800,000  $  1.600,000 

Paid  in  cash  or 

stock  dividend  $     800,000  $    800,000  $  1,600,000 


Contributions  to  Surplus 

Premium  on  capital  stock   $  650,000 


Comparative  Balance  Sheet 
Assets 

Investments: 

Short  term  deposits  and  money  market  securities  

Bonds  -  (Market  value  $4,488,032)  

Stocks  

Mortgage  loan  and  sales  agreements  

Current  Prior 
Year  Year 

Real  estate   $     400,000  $  400,000 

Encumbrances    


Summary  of  investments  (Sub-total) 

Cash  

Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers  

Amounts  owing  by  reinsurers  

Other  assets  


Gross  assets  

Deduct:  assets  not  admitted 


Total  assets  admitted 


Liabilities 

Unearned  premiums  extended  at  80%  

Additional  policy  reserves  

Provision  for  unpaid  claims  and  adjustment  expenses  

Amounts  owing  to  reinsurers  

Expenses  due  and  accrued  

Provision  for  income  tax  

Other  liabilities  


Total  liabilities 


Reserves  and  Equity 

Capital  and  surplus: 

Capital  stock  -  Paid  

Surplus  -  Contributed  

-  Retained  earnings  


Total  liabilities,  capital  and  surplus 


Current  Prior 

Year  Year 

I  1,475,806  $  750,000 

4,855,274  4,411,104 

718,164  622,785 

267,179   


400,000  400,000 


»  7,716,423  $  6,183,889 

588,552  922,566 

77,250  51,930 

1,199,901  1,113,620 

333,815  441,171 

18,054,232  13,221,181 


$27,970,173  $21,934,357 
200,852  205,578 


$27,769,321  $21,728,779 


$  6,142,087  $  5,123,486 

4,888  4,845 

17,565,104  13,155,995 

58,568  21,802 

75,110  49,023 

323,084  251,821 

167,385  200.782 


$24,336,226  $18,807,754 


$  1.600,000         $  1,600,000 
650,000  650,000 
1,183,095  671.025 


$27,769,321  $21,728,779 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


167 


Gerling  Global  General  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets.  

Changes  in  reserve  for  investments  and  contingencies. 

Dividends  declared  

Refundable  taxes  on  investment  income  

Totals  

Net  increase  

Earned  surplus  at  beginning  of  year  

Earned  surplus  at  end  of  year  


Decreases 

Increases 

$1,200,579 

4,726 

$  6,500 

471,735 

215,000 

$  693,235 

$1,205,305 

$  512,070 
671,025 

$1,183,095 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  

Balance  at  the  end  of  the  year. . . 


Capital 

Con- 
tributed 
Surplus 

$1,600,000 

$  650,000 

$1,600,000 

$  650,000 

Assets  Not  Admitted 

%     99  817 

Excess  of  book  value  of  stocks  over  market  value.                                       •   11'796 

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1   * 

Deferred  charges  or  prepaid  expenses  (including  agents  commissions)   84  247 

Office  furniture,  equipment,  automobiles,  maps,  plans  and  stationery   ' 

  $  200.852 

Total  current  year   •  205  578 

Total  prior  year    

.  .  $  -4,726 

Net  change   —  - 


Comparative  Statement  of  Profit  and  Loss         Current  Prior 

Year  Year 

....                                                                                        .   .    $22,639,795  $19,912,993 

Net  premiums  written  ;;*■•■"""* 418  122  1  174  762 

Unearned  premium  and  additional  policy  reserve  adjustment   ' 

.                                                                                $22,221,673  $18,738,231 

Net  premiums  earned                                                                                   K  oofi  son  12  575  134 

Net  losses  incurred  including  adjusting  expenses   xo.zuo.o^u 

e  .  .  ,  ,                                                                                                           6.924.853  6.163.097 

Sub-total                                                                                                      5.255,846  4,657,096 

Commissions  and  allowances                                                                                       1  545  543  1  470,491 

General  expenses   '     !  !  

_  _   ,        .i.          fi4                                                                                             123.464  35,510 

Underwriting  profit                                                                                          391  909  369,688 

Investment  income                                                                                                      l.096',206  635.972 

Other  income  and  expenditure                                                                                         '      '    .  

$  1,041.170 
182,000 


Net  profit  before  income  taxes   $  1  411  000 

Income  taxes    '_  


xt  ^  r,™x,,T    $  1,200.579  $  859.170 

Net  profit   '   


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Investment  and  other  income  

Net  increase  or  decrease  (-)  in  surplus  

$ 

123.464 
1.488.115 
512,070 
471,735 

$ 

35.510 
1.005,660 
608,155 
135,915 

$ 

-459,136 
818,777 
498,543 
111,930 

$ 

-405,804 
631,678 
22,799 
79,950 

$ 

-252,485 
395,668 
-138,667 
99,936 

Capital  or  surplus  paid  in  during  year  

3,433,095 
27.769,321 

2,921,025 
21,728,779 

2,312,870 
16,200,524 

1,814,327 
13,588.132 

1,791,528 
12,389,329 

L68  ANNUAL  REPORT     SUPERINTENDENT  OF  INSURANCE 


Gerllng  Global  General  (cont'd) 


Analysis  of  Balance  Sheet —Current  Year 
Assets 


Investments: 

S     :t  term  deposits  and  nionev  market  securities  

Bonds  -  (market  value  $4,488,032)  

Stocks  

Mortgage  loans  and  sales  agreements  

In 
Canada 

Real  estate   $  400,000 

[incumbrances  


Out  of 
Canada 


Summary  of  investments  (sub-totals) , 

Cash  

Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers  

Amounts  owing  by  reinsurers  

Other  assets  


Gross  assets  

Deduct:  Assets  not  admitted 


In 
Canada 

$  1,475,806 
3,167,059 
718,164 
267,179 


400,000 

$  6,028,208 
588,552 
77,250 
1,199,901 
29,804 
131,010 

$  8,054,725 
200,852 


Total  assets  admitted   $  7,853,873 


Out  of 
Canada 


$  1,688,215 


$  1,688,215 


304,011 
17,923,222 

$19,915,448 


$19,915,448 


Liabilities 


Unearned  premiums  extended  at  80%  

Additional  policy  reserves  

Provision  for  unpaid  claims  and  adjustment  expenses. 

Amounts  owing  to  reinsurers  

Expenses  due  and  accrued  

Provision  for  income  taxes  

Other  liabilities  


$  1,310,963 
4,888 
1,631,501 
2,997 
75,110 
323,084 
167,385 


Total  liabilities   $  3,515,928 


$  4,831,124 

'15^933,663 
55,571 


$20,820,298 


Reserves  and  Equity 


Capital  and  surplus: 

Capital  stock  -  Paid  

Surplus  -  Contributed  

-  Retained  earnings. 


$  1,600,000 
650,000 
2,087,945 


Total  liabilities,  capital  and  surplus   $  7,853,873 


$  -904,850 
$19,915,448 


Analysis  of  Statement  of  Profit  and  Loss— Current  Year 

In  Out  of 

Canada  Canada 

Net  premiums  written                                                                                            $  2,470,547  $20,169,248 

Unearned  premium  and  additional  policy  reserve  adjustment                                           —75,615  493,737 

Net  premiums  earned                                                                                $  2,546,162  $19,675,511 

N'et  losses  incurred  including  adjusting  expenses                                                            1,587,577  13,709,243 

Sub-totals                                                                                                $     958,585  $  5,966,268 

Commissions  and  allowances                                                                                      -250,246  5,506,092 

General  expenses   1,545,543   

Underwriting  profit  or  loss  (-)                                                                       -336,712  460,176 

Investment  income   391,909   

Other  income  and  expenditure                                                                                          8,921  1,087,285 

Net  profit  before  income  taxes                                                           $      64,118  $  1,547,461 

Income  taxes   411,000   

Net  profit  or  loss  (  -)                                                                               $  -346,882  $  1,547,461 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


169 


Gerling  Global  General  (cont'd) 

Expenses  Incurred 

Commissions  and  Allowances: 

Direct  business   »    '  «  '  or 

Reinsurance  assumed   5, 569,436 

Contingent  commissions   63,865 

Sub-total   $  6,767,380 

Less:  Reinsurance  ceded   1,511,534 

Total   $  5,255,846 

General  Expenses: 

Advertising                                                                                                                               "  »,  577 

Audit  and  legal   ino'no? 

Automobile  and  travelling   102,927 

Bad  debts   U65 

Bureaus  and  associations   9,Z5° 

Directors   10.000 

Employee  benefits  -  Hospital,  medical,  group  life  and  general   20,746 

-Pensions   22,270 

-  Unemployment  insurance  and  workmen's  compensation   7,855 

Equipment  (excluding  automobile  and  EDP)   12,341 

Equipment  -  EDP   23,925 

Express,  freight  and  postage   1o'R?f 

Inspections   Sill 

Insurance  (company  coverage)   8,131 

Licenses  (excluding  agents')   2,750 

Leasehold  improvements   17,928 

Maintenance  and  utilities  -  Premises   4,918 

Mercantile  and  investigation  reports   25,435 

Miscellaneous  -  Office  expenses  and  supplies   33,786 

Printing  and  stationery   2^'°00 

Rent  -  Premises   127,6£2 

Salaries   831,683 

Taxes  -  Municipal  and  sundry   of '0-7! 

-Premium   138,275 

Telephone  and  telegraph   o2'?f? 

Management  fee   24,111 

Total   $  1,545,543 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  

Mortgage  loans  and  sales  agreements  

Real  estate  (including  depreciation)  

Safekeeping  fees  

Investment  counsellor  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  72,681 

288,414 

27,294 

4,751 

26,292 

$  1,984 

32,528 

3,479 

10,468 

$391,909 


Other  Income  and  Expenditure 


Interest  on  deposit  

Returned  premiums  on  cancelled  policies. 

Sale  of  fixed  assets  

Foreign  exchange  

Total  


Income 

Expendi- 

ture 

$954,615 

452 

5,135 

136,004 

$1,096,206 


l70  ANNUAL  REPORT -SUPERINTENDENT  OF  INSURANCE 

Ceding  Global  General  (cont'd) 


Premiums  and  Claims 


Cl  ASS 

OF 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Automobile  -  Liability. 

-  Pers.  acc. 

-  Other. . . . 

Liability  

Boiler  and  machinery.  . 
Accident  and  sickness. . 

$ 

3,574,099 
91J.0J9 
107.300 
f>  12,812 
5.849 
7.104 
542.206 
803.302 

$ 

6,808,986 

o  oei  7  AG 
y,yoi,<  ty 

56,911 

$ 

2,579.976 
483,457 
54,268 
274,532 
3,210 
3,617 
473,539 
376,431 

7,803,109 
10,440,321 

109, 94o 
268,280 
4,220 
4,390 
3,215,230 
517,322 
57,137 
187,911 
31,932 

$ 

7,168,837 
10,030,234 

119  QQr: 
i  io,yyo 

283,121 

4,624 

3,818 

3,028,342 

474,659 

57,782 

172,764 

28,368 

$ 

5,310,805 
8,274,199 
50  757 
204,781 
-247 
365 
2,542,144 
215,737 
109,794 
106,691 
12,765 

% 

74.08 
82.49 
44.53 
72.33 

1,581 
903 
3,146,563 
90,451 
57,137 
187,911 
31,932 

9.56 
83.95 
45.45 
190.01 
61.76 
45.00 

6,524,701 

20,364,124 

4,249,030 

22,639,795 

21,366,544 
750,652 

16,827,791 
-1,580,971 

78.76 

Adjustment  of  incoming 

Totals  

6,524,701 

20,364,124 

4,249,030 

22,639,795 

22,117,196 

15,296,820 

69.16 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

Automobile  -  Liability. .  .  

$ 

3,691,641 
2,635,974 
24,007 
121,444 
1,780 
1,658 
851,194 
306,973 

$ 

3,493,233 
9,417,510 
50,462 
75,959 
263 
260 
3.994,520 
189,379 
228,175 
98,648 
16,695 

24,757 
18,180 

7,677,608 

17,565,104 

Summary  of  Bonds  and  Stocks 

Par  Book 
Value  Value 

Bon9?:              ^  a     i                                                                 $     25,000  $  24,760 

Canadian  -  Federal.                                                                    1  094  500  1,087,926 

-  Provincial                                                                 *      '    n  ,_n  ccr. 

-Municipa.  and  School                                              Jggg  ,Jg^ 

Other   '  ;  

$4,844,500  $4,855,274 

Book 
Value 

Stocks:  $  134,970 

Preferred   583,194 

Common    .  

$  718,164 


Market 
Value 

$  18,875 
921,899 
161,425 
3,385.833 

$4,488,032 


Market 
Value 

$  105,500 
512,847 

$  618,347 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


171 


Gerling  Global  General  (conclM) 


As  a  result  of  an  examination  of  the  Company  it  was  found  necessary  to  make  the  following  changes  to  the  figures 
published  in  the  report  for  business  of  1972. 

The  Balance  Sheet  and  Statement  of  Profit  and  Loss  were  changed  to  read  as  follows:  - 


Analysis  of  Balance  Sheet  -Current  Year 


In  Out  of 

Canada  Canada 

Investments: 

Short  term  deposits  and  money  market  securities                                                 $  750,000   

Bonds  -  (market  value  $4,220,501)                                                                        2,172,700  $  2,238,404 

Stocks   622.785   

In 
Canada 

Real  estate   $  400,000 

Encumbrances   400,000   


Summary  of  investments  (sub-totals)   $  3,945,485  $  2,238,404 

Cash   922,566   

Investment  income  due  or  accrued   51,930   

Amounts  due  from  agents  and  brokers   1,113,620   

Amounts  owing  by  reinsurers   483,524 

Other  assets   150,417  13,070,764 

Gross  assets   $6,184,018  $15,792,692 

Deduct:  Assets  not  admitted   200,496  5,082 

Total  assets  admitted   $  5,983,522  $15,787,610 


Liabilities 

Unearned  premiums  extended  at  80%                                                                    $  1,386,621  $  3,736,865 

Additional  policy  reserves   4,845   

Provision  for  unpaid  claims  and  adjustment  expenses   1,712,442  11,443,553 

Amounts  owing  to  reinsurers   64,155   

Expenses  due  and  accrued   49,023   

Provision  for  income  taxes   251,821   

Other  liabilities   200,782   


Total  liabilities   $  3,669,689  $15,180,418 


Reserves  and  Equity 

Capital  and  surplus: 

Capital  stock  -  Paid   $  1,600,000   

Surplus  -  Contributed   650,000   

-  Retained  earnings   63,833  $  607,192 

Total  liabilities,  capital  and  surplus   $  5,983,522  $15,787,610 


Analysis  of  Statement  of  Profit  and  Loss— Current  Year 

In  Out  of 

Canada  Canada 

Net  premiums  written                                                                                         $  3,065,715  $16,847,278 

Unearned  premium  and  additional  policy  reserve  adjustment                                            338,750  836,012 

Net  premiums  earned                                                                             $  2,726,965  $16,011,266 

Net  losses  incurred  including  adjusting  expenses                                                            1,595,627  10,979,507 

Sub-totals                                                                                                 $  1,131,338  $  5,031,759 

Commissions  and  allowances                                                                                           88,092  4,569,004 

General  expenses   1,470,491   

Underwriting  profit  or  loss  ( -)                                                                       -427,245  462,755 

Investment  income   369,688   

Other  income  and  expenditure                                                                                      —16,288  651,260 

Net  profit  or  loss  (—)  before  income  taxes                                          $    -7,2,84,5  $1,114,015 

Income  taxes   182,000   


Net  profit  or  loss  ( -)   $-254,846  $1,114,015 


172 


ANNUAL  R EPORT  —  SUPERI NTEN DENT  OF  INSURANCE 


GERLING  GLOBAL  REINSURANCE  COMPANY 

Head  Office.  Toronto,  Ont. 

0*  n  s  Ch  u.  m  m  of  the  Hoard.  H.  Gerling;  Vice  Chairman  of  the  Board,  N.E.  Phipps;  President,  A  H.  Brandin; 
Y,v  Y^^-nt \unl  M .m.u'.oi ,  G.  P.  Lautenschlkeger;  Senior  Vice-President  a„d  Secretary-Treasurer,  R.  R.  Kern, 
\  .     Pre  i  lents,  A.  HassalT,  K.  Kallrath;  Assistant  Vice-President.  P.  B.  Andersen. 

u   Gerling    N    E   Phipps,  J.  M.  R.  Corbet,  R.  W.  Finlayson,  L.  P.  Gehnas  W.  P.  Gilbnde.  H.  E. 
,      ;  ISf g ^ieWhorn.  D*S.  Beatty,  T.  F.  Moore,  T.  Baer,  A.  H.  Brandin,  G.  P.  Lautenschlaeger.  K.  Scott. 
Auditors.  -  Coopers  &  Lybrand. 

ition.  -  Jan.  16,  1957.  Commenced  Business  in  Ontario.  -  April  1,  1957. 
In  Which  Licensed.  -  British  Columbia,  Manitoba,  New  Brunswick,  Ontario  and  Quebec. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 


Authorized 
Subscribed. 


NO. 
13,750 
9.250 


COMMON 
Par  Value 
$  100 
$  100 


Paid  in  cash  or 

stock  dividend 


$  925,000 


PREFERRED 
Par  Value 
$  100 
%  100 


Amount 
$  925,000 
$  925,000 

$  925,000 


Total 
$2,300,000 
SI, 850,000 

$1,850,000 


Contributions  to  Surplus 


Premium  on  capital  stock. 


$1,900,000 


Comparative  Balance  Sheet 
Assets 


Investments: 

Short  term  deposits  and  money  market  securities  

Bonds  -  (Market  value  $8.407,387)  

Stocks    •  ••«•*•••••*•*  ••*••••••'»  *  • 

Mortgage  loans  and  sales  agreements  

Current 

Real  estate   $  500,000 

Encumbrances  


Prior 
$  500,000 


Cash 


Summary  of  investments  (sub-total) . 


Amounts  due  from  ceding  companies 
Amounts  owing  by  retrocessionaires 
Other  assets  


Gross  assets  

Deduct:  Assets  not  admitted. 


Current 
Year 

$  1.175,920 
9,531,884 
1,709,616 
509,153 


500,000 

$13,246,573 
147,858 
161,394 


Investment  income  due  or  accrued   1,018,602 


Total  assets  admitted. 


54,406 
488,272 

$15,297,105 
351,188 

$14,945,917 


Prior 
Year 

$  625,000 
7,558,317 
1,594,308 


500,000 

$10,277,625 
369,351 
131,619 
955,155 
17,947 
235,074 

$11,986,771 
350,752 

$11,636,019 


Liabilities 


Unearned  premiums  extended  at  80%  

Additional  policy  reserves  

Provision  for  unpaid  claims  and  adjustment  expenses. 

Amounts  due  ceding  companies  

Amounts  owing  on  retrocess.  contracts  

Deposits  from  retrocessionaires  

Expenses  due  and  accrued  -  Management  fee  

-  Accounts  payable  

Provision  for  income  tax  


$  1 


Total  liabilities. 


,295,420 
4,379 
,547,587 
131,315 
641,262 
,617,469 
47,231 
5,381 
86,919 


$12,376,963 


$  1,281,106 
4,872 
2,789,794 
115,970 
648,563 
4,128,029 
72,450 
2,198 
168,949 

$  9.211,931 


Reserves  and  Equity 


Reserves:  .  , 

Reinsurance  ceded  to  unregistered  companies. . 
Capital  and  surplus: 

Capital  stock  -  Paid  

Surplus  -  Contributed  

-  Retained  earnings  

Total  liabilities,  capital  and  surplus. 


$  723 

1,850,000 
1,900,000 
-1,181,769 

$14,945,917 


$  18,106 

1,850,000 
1,900,000 
-1 ,344,018 

$11,636,019 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


173 


Gerling  Global  Reinsurance  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets  

Changes  in  reserve  for  outstanding  reinsurance  ceded  to  unregistered  companies. 

Dividends  declared  

Refundable  taxes  on  investment  income  

Revaluation  of  Alliance  Credit  Corp.  6.25%  Debentures  

Totals  

Net  increase  

Earned  surplus  at  beginning  of  year  

Earned  surplus  at  end  of  year  


Decreases 

Increases 

1472,654 

$  436 

17,383 

240.395 

99,300 

12,343 

$340,131 

$502,380 

$  162,249 
-1,844,018 


$-1,181,769 


Paid  in  during  the  year. 


Capital 

Con- 
tributed 
Surplus 

$1,850,000 

$1,900,000 

$1,850,000 

$1,900,000 

Assets  Not  Admitted 


Excess  of  book  value  of  stocks  over  market  value   $  319,773 

Amounts  due  from  ceding  companies  on  business  written  prior  to  October  1   14,816 

Office  furniture,  equipment,  automobiles,  maps,  plans  and  stationery   13,724 

Accounts  receivable   2,875 


Total  current  year   $  351,188 

Total  prior  year   350,752 


Net  change   $  436 


Comparative  Statement  of  Profit  and  Loss 

Current 
Year 

Prior 
Year 

$17,961,401 

-8,902 

$15,121,255 
247.414 

$17,970,303 
12,546,128 

$14,873,841 
10,205,561 

$  5,424,175 
5,110,891 
578,113 

$  4,668,280 
4,425,156 
494,881 

617,430 
301,053 

$  -251,757 
574,687 
178,376 

653,654 
181,000 

501,306 
95,500 

Net  profit  

$  472.654 

$  405,806 

Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

$ 

$ 

$ 

$ 

$ 

Underwriting  gain  or  loss  (  — )  

-264,829 

-251,757 

-540,709 

-279,590 

-393,155 

Investment  and  other  income  

918,483 

753,063 

687,875 

544.262 

598,381 

Net  increase  or  decrease  (— )  in  surplus  

162,249 

288.826 

39,478 

-24,607 

-371,573 

Dividends  to  shareholders  

240,395 

31.433 

50,848 

110,940 

284,840 

Capital  or  surplus  paid  in  during  year  

Capital  and  surplus  at  end  of  year  

2,568,231 

2,405.982 

2,117,156 

2,077,678 

2,102.285 

Admitted  assets  at  end  of  year  

14,945,917 

11,636,019 

10.602,066 

10,969,796 

10.217.100 

174 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Getting  Global  Reinsurance  (cont'd) 


Analysis  of  Balance  Sheet -Current  Year 


Assets 


In  Out  of 

Canada  Canada 


%  '  Shoi  ?tei  m  depoalta  and  money  market  securities   $  1.1J5.920         i  e  JitiMi 

Bondfl  -  (Market  value  So. 770. 849)  !!."."."."."."!*!!!!  '932',342  777,274 

Mortcace  loans  ami  sales  asreements   509,153 

In  Out  of 

Canada  Canada 

Real  estate   *     500.000    ^   

Encumbrances     . 


Summary  of  investments  (Sub-totals)   $  5'l40',131  $  7'7°7',727 

Cash  •  •  '  160'449  945 

Investment  income  due  or  accrued   142  217  876,385 

Amounts  due  from  ceding  companies   3'076  51,330 

Amounts  owing  by  retrocessionaires  ■  81*543  406,729 

Other  assets    !    

6,250,078  9,047,027 

Gross  assets.   54  869  296,319 

Deduct:  Assets  not  admitted     

  $  6,195,209  $  8,750,708 


Total  assets  admitted. 


Liabilities 

a  a    ♦  «nc7                                                                    •  •  $  1,035,762  $  259,658 

Unearned  premiums  extended  at  8Uy0  •   4  379   

Additional  policy  reserves                        -;  •  -  •  •  •  •  •  •   1,600 ',848  1,946,739 

Provision  for  unpaid  claims  and  adjustment  expenses   117  793  13,522 

Amounts  due  ceding  companies   363*214  278,048 

Amounts  owing  on  retrocession  contracts   2  865748  3,751,721 

Deposits  from  retrocessionaires   '  43^12  4,000 

Expenses  due  and  accrued   86,919   

Provision  for  income  taxes    .  __  

.  %  6,123,275  $  6,253,688 

Total  liabilities  


Reserves  and  Equity 

Reserves:                                 ...  «  723   

Reinsurance  ceded  to  unregistered  companies  • 

Capital  and  surplus:  1,850,000   

Capital  stock  -  paid    x  goo.000   

Surplus  -  Contributed   -3  678,789  $  2,497,020 

-  Retained  earnings   __J_   .  

$  6  195  209  $  8,750,708 

Total  liabilities,  capital  and  surplus   $  o,i»o,^u»  ===== 


Analysis  of  Statement  of  Profit  and  Loss -Current  Year 

In  Out  of 

Canada  Canada 

$  2,366,390  $15,595,011 

Net  premiums  written   • :                                                      -77,066  68,164 

Unearned  premium  and  additional  policy  reserve  adjustment   ____!    — 

.     $  2,443,456  $15,526,847 

Net  premiums  earned                                                                                    1  643  530  10,902,598 

Net  losses  incurred  including  adjusting  expenses   '    

$     799,926  $  4,624.249 

Sub-totals                                                                                                      731,172  4,379,719 

Commissions  and  allowances                                                                                         568",226  9,887 

General  expenses     ■ 

—A99  172  234,643 

Underwriting  profit  or  loss  ( — )  |          598',097  19,333 

Investment  income                                                                                                    —1L8U75  449,528 

Other  income  and  expenditure   

S    -A9  850  $  703,504 

NET  PROFIT  OR  LOSS  (-)  BEFORE  INCOME  TAXES   *  j^'qqq   


OTHER  THAN  LIFE  INSURERS  FOR  1973 


175 


Gerling  Global  Reinsurance  (cont'd) 


Expenses  Incurred 

Commissions  and  Allowances: 

Reinsurance  assumed   $  7,878,225 

Less:  Reinsurance  ceded   2,767,334 

Total   $  5,110,891 

General  Expenses: 

Advertising   2,337 

Audit  and  legal   9,092 

Automobile  and  travelling   41,987 

Bureaus  and  associations   9,656 

Directors   10,000 

Employee  benefits  -  Hospital,  medical,  group  life  and  general   3,927 

-  Pensions   12,912 

-  Unemployment  insurance  and  workmen's  compensation   1,105 

Equipment  (excluding  automobile  and  EDP)   2,552 

Equipment  -  EDP   954 

Express,  freight  and  postage   1,017 

Insurance  (company  coverage)   1,682 

Licenses  (excluding  agents')   1,912 

Leasehold  improvement   17,791 

Miscellaneous   18,331 

Printing  and  stationery   10,599 

Rent  -  premises   70,945 

Salaries   219,600 

Taxes  -  Municipal  and  sundry   10,732 

-  U.S.  Federal  Stamp   9,887 

Telephone  and  telegraph   17,546 

Management  fee   103,549 

Total   $  578.113 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  

Mortgage  loans  and  sales  agreements  

Real  estate  (including  depreciation)  

Deposits  and  bank  charges  

Safekeeping  fees  

Investment  counsellor  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 


$  71,643 
490,570 
62,975 
18,233 
26,509 


6,524 


Expendi- 
ture 


$  4,466 
1,547 
2,127 
50.884 


$617,430 


Other  Income  and  Expenditure 


Net  interest  on  deposits . . . 
Profit  on  foreign  exchange . 

Total  


Expendi- 

Income 

ture 

$283,165 

17,888 

$301,053 


176 


AN  N  UAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Gerling  Global  Reinsurance  (concPd) 


Premiums  and  Claims 


l  l  ASS 
OF 

Insuranck 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

$ 

10.382.079 
9,723,973 
140.974 
82,087 
9,188 
6,351 
4,534,580 
1,075,622 
152,655 
314,332 
273,369 
338,581 

$ 

4,619,422 
1,533,348 
107,199 

5,618 

$ 

5,762,657 
8,190,625 
33,775 
82,087 
3,570 
1,800 
2,376,305 
656,073 
45,030 
199,457 
271,869 
338,153 

$ 

5,585,400 
8,345,041 
33,659 
64,688 
1,565 
8,890 
2,487,001 
641,579 
29,200 
159,745 
249,134 
338,101 

$ 

3,780,364 
5,706,171 
4,443 
151,931 
-U8 
113 
1,892,045 
478,147 
77,682 
112,257 
118,673 
262,411 

% 

67.68 
68.38 
13.20 
234.87 

Automobile  -  Liability.. 

-  Other  

4,551 
2,158,275 
419,549 
107,625 
114,875 
1,500 
428 

1.27 
76.08 
74.53 
266.03 
70.27 
47.63 
77.61 

Liability  

Boiler  and  machinery.  . 
Accident  and  sickness. . 

Credit  

Marine  

Sub-totals  

27,033,791 

9,072,390 

17,961,401 

17,944,003 
28,404 

12,583,789 

-37,661 

70.13 

Adjustment  of  incoming 

TnTAi  <?   

27,033,791 

9,072,390 

17,961,401 

17,972,407 

12,546,128 

69.81 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

S 

944,623 
178,279 
308 
36,619 
2,807 
785 
171,201 
104,520 
16,894 

762,986 
855,269 
10,418 
58,692 
388 
275 
1,392,730 
59,886 
146,850 
107,876 
152,963 
-746 

49,735 

117,830 

52 

1,623,653 

|  3,547,587 

Summary  of  Bonds  and  Stocks 

Par  Book 
Value  Value 

Bon^S:              x?  a     ^  S   175,000  $  174,421 

Canadian  -  Federal.   »  ^Ana  i  617  142 

-Provincial   J'^nnnn  twSs 

-  Municipal  and  School   1 .370.000  I  ;3o0,533 

Other   '      '  __  . 

$9,612,631  $9,531,884 

Book 
Value 

Stocks:  $  190,447 

Preferred   1,519,169 

Common   

$1,709,616 


Market 
Value 

$  159,250 
1,362,344 
1,096,788 
5,789,005 

$8,407,387 


Market 
Value 

$  153,000 
1,236,843 

$1,389,843 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


177 


GIBRALTAR  GENERAL  INSURANCE  COMPANY 

Head  Office,  Toronto,  Ont. 
General  Administrative  Offices,  London,  Ont. 

Officers.  -  Chairman,  L.  Franck;  Vice-Chairman,  R.  Schaller;  President,  E.  O.  Shieck;  Secretary,  W  D.  Cox; 
Assistant  General  Manager,  W.  J.  Wilson;  Toronto  Branch  Manager,  D.  H.  Lambert;  Tillsonburg  Branch  Manager, 
E.  M.  Bilger. 

Directors.- J.  S.  Armstrong,  T.  C.  Bilger,  W.  D.  Cox,  L.  Franck;  W.  M.  Hatch,  D.  G.  Neelands,  F.  Negner, 
R.  Schaller,  E.  O.  Shieck,  D.  J.  Walker. 

Auditors.  -  Peat,  Marwick,  Mitchell  &  Co. 

Date  of  Incorporation.  -  April  22,  1958.  Commenced  Business  in  Ontario.  -  July  1,  1958. 
Provinces  in  Which  Licensed.  -  Ontario  and  Quebec. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

COMMON  PREFERRED 

No.         Par  Value  Amount  No.             Par  Value     Amount  Total 

Authorized                   6,000       _$  100  $  600,000  1.285             _$  100    JS   128,500  $  728,500 

Subscribed                   4,565        $         100  $  456,500      _$_456,500 

Paid  in  cash  or  «.    ,,P  ,.m 

stock  dividend  $  456,500    $  456,500 

Contributions  to  Surplus 

Premiums  on  capital  stock   &  Nil 

Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year   &  Nil 


Comparative  Balance  Sheet 

Assets  Current 

Year 

Investments:  einnnnnn 

Short  term  deposits  and  money  market  securities   *i'~™'oor> 

Bonds  (Market  value  $2,664,704)   2,Z??S 

Stocks   86 1»98b 

Summary  of  investments  (sub-total)   ®4,£?l,8o£ 

Cash   2rrio? 

Investment  income  due  or  accrued   c7i  ni7 

Amounts  due  from  agents  and  brokers   R7  7fi9 

Amounts  owing  by  reinsurers   o™'™n 

Other  assets   399,990 

Gross  assets   ^5'9??'nnn 

Deduct:  assets  not  admitted   1 1  »uuu 

Total  assets  admitted   $5,891,199 

Liabilities 

Unearned  premiums  extended  at  80%   *  489,94° 

Additional  policy  reserves   ~£ 

Provision  for  unpaid  claims  and  adjustment  expenses   7  fno 

Agents'  and  brokers'  credit  balances   0707 

Amounts  owing  to  reinsurers   no^nnn 

Deposits  from  reinsurers   9^  170 

Expenses  due  and  accrued   £0  <oV 

Other  liabilities   23 »424 

Total  liabilities   $5,221,150 

Reserves  and  Equity 

Reserves:  a 

Reinsurance  ceded  to  unregistered  companies   $  7,1^8 

Capital  and  surplus: 

Capital  stock  -  Paid   456,500 

Surplus  -  Contributed   oaTaoi 

-  Retained  earnings   zuo.qzi 

Total  liabilities,  capital  and  surplus   $5,891,199 


Prior 
Year 

$  950,000 
1,864,442 
712,910 

$3,527,352 
262,967 
36,107 
530,615 
19,034 
420,755 

$4,796,830 
21,053 

$4,775,777 


$  398,877 
9 

454,170 
1,369 
165,311 
3,066,000 
31.004 
17,500 

$4,134,240 


$  — 
456,500 
185,037 

$4,775,777 


17S 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Gibraltar  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets  •.  •  ■ 

Ounces  in  reserve  for  outstanding  reinsurance  ceded  to  unregistered  companies. 

Dividends  declared  

Refundable  dividend  tax  on  hand  

Net  increase  

Earned  surplus  at  beginning  of  year  

Earned  surplus  at  end  of  year  


Decreases 

Increases 

$59,727 

10,053 

$  7,128 

29,672 

11,596 

$48,396 

$69,780 

$  21,384 
185,037 


$206,421 


Balance  at  beginning  of  the  year 
Paid  in  during  the  year  

Balance  at  the  end  of  the  year. . . 


Con- 

Capital 

tributed 

Surplus 

$  456,500 

$  456,500 

Assets  Not  Admitted 


Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1   $ 


Other. 


10,513 
487 


Total  current  year   $  ol'rvv? 

Total  prior  year   ^i.udj 

Net  change   $  -10,053 


Comparative  Statement  of  Profit  and  Loss 

Current  Prior 
Year  Year 

Net  premiums  written   •  1-045,705  $  848,779 

Unearned  premium  and  additional  policy  reserve  adjustment   9I.U/S  oa.uuo 

Net  premiums  earned   $  rnt'A?! 

Net  losses  incurred  including  adjusting  expenses   olo,4/4 

Sub-total   *  339,153 

Commission  and  allowances   10 111 

General  expenses   o4i,/do 

Underwriting  loss  (-)   $  "ofq'm 

Investment  income   Z^qoi 

Other  income  and  expenditure   bs&m 

Net  profit  before  income  taxes   $  59,727 

Income  taxes  


Net  profit   $  59-727 


$ 

789.771 

474,654 

% 

315,117 

-174,306 

539,636 

$ 

-50,213 

246,447 

-5,866 

$ 

190,368 

190,368 

Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  (— )  in  surplus  

$ 

-135,466 
195,192 
21,384 
29,672 

$ 

-50,213 
240,581 
186,315 

$ 

-235,346 
132,078 
-109,246 

$ 

-154,432 
119,049 
95,648 

$ 

-25,186 
90,228 
-73,061 

Capital  or  surplus  paid  in  during  year  

662,921 
5,891,199 

166,750 
641,537 
4,775,777 

288,472 
3,808,583 

397,718 
3.144,673 

302.070 
2.545.985 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


179 


Gibraltar  (cont'd) 


Expenses  Incurred 

Commissions  and  allowances:  t  78n  R7A 

Direct  business   *  Io6  697 

Reinsurance  assumed   23'856 

Contingent  commissions   ' 

c  .  ;  .  ■,    $1,211,227 

Sub-total   i  'oyo  r>±A 

Less:  Reinsurance  ceded   l 


Total. 


■167,117 


General  Expenses:  .  *   e»«i  14.7 

Expenses  allocated  from  Anglo  Canada  General  Insurance  Co   » 

Bad  debts   300 

Miscellaneous   Q1  442 


Taxes  -  premium. 


-29,766 


Adjusting  fees  recovered  

Total   j  641'735 


Investment  Income  and  Expenditure 


Income 


Short  term  deposits  and  money  market  securities   $  40 ,451 

Bonds   163,433 

Stocks  

Safekeeping  fees  

Investment  counsellor  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments  


35,240 


13,777 


Net  investment  income. 


$249,113 


Other  Income  and  Expenditure 


Interest  paid  re:  premium  reserve  held  in  trust  

Interest  received  re:  premium  reserve  held  in  trust. 


Income 

Expendi- 

ture 

$  275 

$61,880 

7,684 

Total. 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Property  

Hail  

$ 

1,782,698 
99,820 
1,261,394 
119,457 
706,406 
425 
147,549 
173 

-758 

$ 

585,881 

$ 

2,086,668 
99,820 
1,238,793 
104,463 
667,297 
343 
104,338 
173 

-758 

$ 

281,911 

$ 

236,649 

$ 

131,665 

% 
55.63 

Automobile  -  Liability. . 

-  Pers.  acc. . 
-Other  

423,013 
24,992 
195.792 

445,614 
39,986 

234,901 
82 
43,211 

411,760 

36,324 
211,381 
56 
35,706 

308,292 
35,189 
149,814 

74.87 
96.87 
70.87 

Fidelity  

9,707 

27.18 

Boiler  and  machinery.  . 
Adjustment  re:  internal 

-19,193 

Totals  

4,117,164 

1,229,678 

4,301,137 

1,045,705 

931.876 

615,474 

66.04 

1 

ISO 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Gibraltar  (concTd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

-  Other  

Fidelity  

238,854 
202,680 
20,268 
114,852 
41 

71,985 
441,701 
27,332 
68,814 

35,730 

23,653 

612,425 

633,485 

Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 

Bonds: 

Canadian  -  Federal                                                                  $  447,000  $  438,381  $  436,080 

-Provincial                                                                   496,000  487,275  480,229 

-  Municipal  and  school                                                   511,000  472,063  461,300 

Other                                                                                       1,341,000  1,332,170  1,287,095 


$2,795,000  $2,729,889  $2,664,704 


Book  Market 

Value  Value 

Stocks: 

Preferred                                                                                                          $     95,204  $  59,550 

Common                                                                                                                    766,782  954,930 


$  861,986 


$1,014,480 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


181 


LOMBARD  INSURANCE  COMPANY,  LIMITED 

Head  Office,  Hong  Kong 
Chief  Agent  for  Canada.  -  S.  E.  Porter,  100  University  Avenue,  Toronto. 

Directors. -H.  Keswick,  Chairman;  L.  Kadoorie;  F.  S.  Li;  G.  C.  Lee;  G.  M.  MacWhinnie;  D.  K.  Newbigging. 
Auditors.  -  Touche,  Ross  &  Co. 

Date  of  Incorporation.  -  1883.  Commenced  business  in  Ontario.  -  1954. 
Provinces  in  Which  Licensed.  -  Ontario  and  Quebec. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


No. 

Authorized.  . .  1,000,000  HK 

COMMON 
Par  Value 
$  10.00 

Capital  Stock 

Amount  No. 
$10,000,000 

PREFERRED 
Par  Value 
$ 

Amount 

$ 

Total 
$10,000,000 

Subscribed. . . .  409.924  HK 

$  10.00 

$  4,099,240 

S 

$ 

$  4.099.240 

Paid  in  Cash  or 
Stock  Dividend 

HK  $  4,099.240 

$ 

$  4.099.240 

Premium  on  capital  stock. . . 

Contributions  to  Surplus 

.    $  Nil 

Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year  


Comparative  Balance  Sheet 

Assets  Current  Prior 

Year  Year 

Investments:                                       ...  «     on  nnn 

Short  term  deposits  and  money  market  securities   *  lornnn 

Bonds  -  (Market  value  $123.250)   125.00U 

Summary  of  investments  (sub-total)   $  ^'g^g 

Cash   11 02Q4 

Amounts  due  from  agents  and  brokers   12321 

Amounts  owing  by  reinsurers   ' 

Gross  assets   *  343>310 

Deduct:  Assets  not  admitted   ^ 

Total  assets  admitted   $  343.310 

Liabilities 

Unearned  premiums  extended  at  100%   $     46,284            $  50,602 

Provision  for  unpaid  claims  and  adjustment  expenses   *o  259                101  792 

Amounts  owing  to  reinsurers   4  863  7*192 

Expenses  due  and  accrued  •     '   ' 

TYvtat  iiabiiities    $   180,406            $  271,586 

Headom^I™1"^    "2,90*  -59,296 

Total  liabilities   $  343,310  %_212&1 


% 

30,000 

25.000 

$ 

55,000 

7,622 

125,410 

24,259 

s 

212,291 

% 

212,291 

Statement  of 

Net  profit  

Transfers  to  and  from  head  office  

Totals  

Net  increase  

Head  office  account  at  beginning  of  year  

Head  office  account  at  end  of  year  


Office  Account 


Decreases 

Increases 

$  76,158 

146,041 

$222,199 

$  222,199 
-59,295 


$  162,904 


L82  ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Lombard  (cont'd) 

Comparative  Statement  of  Profit  and  Loss 

Current  Prior 
Year  Year 

Net  premium*  written   *   316,561  $  339,467 

Unearned  premium  and  additional  policy  reserve  adjustment   -4,sii5 

Net  premiums  earned   $  ?_^Qr»Q 

Net  losses  incurred  including  adjusting  expenses   l43tdUd 

Sub-total   j  176,576 

Commissions  and  allowances   *  40700 

General  expenses   ' 


Underwriting  profit   $  63,248 

Investment  income   ______ 

Net  profit  before  income  taxes   $  7^-'/|o 

Income  taxes    3 

Net  profit   $  76,158 


% 

352,289 

138,301 

$ 

213,988 

$ 

70,373 

40.109 

$ 

103,506 

1,992 

$ 

105,498 

420 

$ 

105,078 

Summary  of  Experience  for  the  Previous  Four  Years 


1973 

1972 

1971 

1970 

$ 

$ 

% 

$ 

Net  increase  or  decrease  (— )  in  head  office  account  

63,248 
12,481 
222,199 
162,904 
343,310 

103,506 
1,992 
-88,018 
-59,295 

212,291 

68,921 
2,903 
58,427 
23,723 
306,790 

65,819 
1,962 

N/A 
-84J04 
215,644 

Expenses  Incurred 

Commissions  and  Allowances:  g   12g  028 

Direct  business   34  306 

Reinsurance  assumed   3  775 

Contingent  commissions     ' 

_  .  _  .  .    $  167,109 

Sub-total   96,510 

Less:  Reinsurance  ceded   

  $  70,599 

Total   — 

General  Expenses:  » 

Audit  and  legal  

Travelling   .  

Bureaus  and  associations  

Inspections  

Licenses  (excluding  agents')  

Miscellaneous  

Printing  and  stationery  

Taxes  -  Municipal  and  sundry  

Telephone  and  telegraph  

Management  expense    

Total  •'*  __ 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 
Bonds  

Net  investment  income  


Income 

Expendi- 

ture 

$  1,856 

10,625 

$  12,481 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


183 


Lombard  (concl'd) 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 

TO 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

516,112 

$ 

213,106 

$ 

412,659 

$ 

316,561 

$ 

320,879 

$ 

144,303 

% 
44.97 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

46,284 

79,000 

Summary  of  Bonds 

Par  Book  Market 

Value  Value  Value 

^Canadian                                                                             *   125,000  8   125,000  8  123.250 


184 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


ONTARIO  FARMERS'  MUTUAL  GENERAL  INSURANCE  COMPANY 

Head  Office,  Grand  Valley,  Ont. 
Officers.     President,  G.  S.  Dalrymple;  Vice-President,  E.  Hewitsoix;  Manager;  Treasurer,  D.  T.  Tombs;  Secretary. 

M^Y.iilcv.  S.  Patterson.  G.  B.  Brown,  R.  Brown,  G.  Preston,  G.  S.  Dalrymple,  N.  Smith.  N.  M.  Foster. 
B.  Kite.  \V.  Hasenpflug.  E.  Hewitson,  B.  Mulvey. 
Audi   l  S.  -  Sheppard.  Cartledge.  Hammond  &  Co. 

Uion.  -  July  19,  1904  as  a  Premium  Note  Mutual  Amended  January  1,  1972  as  a  Cash  Mutual. 
in  Ontario.  -  1904  on  the  Premium  Note  Plan,  1972  as  a  Cash  Mutual. 
ProwinOtS  in  which  licensed.  -  Ontario 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Comparative  Balance  Sheet 
Assets 


Current 
Year 


Investments 


Short  term  deposits  and  money  market  securities   »   102  334 


l\  ,nds    M.:ii;«  t  v.ilue  SJ .7  1 » ,7 T>1 0 

Stocks  

Current 

Real  estate   &  156,074 

Encumbrances  


Prior 
157,326 


Summary  of  investments  (sub-total) 

Cash  •  

Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers  

Amounts  owing  by  reinsurers  

Other  assets  


Gross  assets  

Deduct:  assets  not  admitted. 


38, 


156,074 


Total  assets  admitted. 


3,312,295 
19,965 
48,029 
81,263 
2,376 
34,394 

$3,498,322 
39,354 

$3,458,968 


Prior 
Year 


2,972,452 
17,925 


157,326 

$3,147,703 
45,560 
44,890 
32,147 

25,782 

$3,296,082 
26,614 

$3,269,468 


Liabilities 


Unearned  premiums  extended  at  80%  

Provision  for  unpaid  claims  and  adjustment  expenses. 

Bank  overdraft  and  loans  

Amounts  owing  to  reinsurers  

Expenses  due  and  accrued  

Other  liabilities  


Total  liabilities. 


$  372,837 
78,652 


15,471 

944 
5,251 


$  473,155 


320,802 
36,255 


2,272 
1,305 


$  360,634 


Reserves  and  Equity 


Reserves: 

Reinsurance  ceded  to  unregistered  companies. 
Surplus  -  Retained  earnings  


Total  liabilities  and  surplus. 


2,985,813 
$3,458,968 


636 
2,908,198 

$3,269,468 


Statement  of  Retained  Earnings 


Net  profit  ' 

Changes  in  unadmitted  ledger  assets  . .  :  •  •  •  • ; : 

Changes  in  reserve  for  outstanding  reinsurance  ceded  to  unregistered  companies. 

Totals   

Net  increase  •  

Earned  surplus  at  beginning  of  year  

Earned  surplus  at  end  of  year  


Decreases 

Increases 

89,719 

12,740 

636 

$  12,740 

$  90,355 

$  77,615 
2,908,198 

$  2,985,813 


Assets  not  Admitted 

,   l     ,  $  237 

Excess  of  book  value  of  stocks  over  market  value.   -  •  •   4  723 

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1   29334 

Office  furniture  and  automobiles       *4!560 

Premium  on  bonds   _!  

$     39  354 

Total  current  year   26,614 

Total  prior  year    .  

$  12,740 

Net  change   ===== 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


185 


Ontario  Farmers'  Mutual  (cont'd) 

Comparative  Statement  of  Profit  and  Loss            Current  Prior 

Year  Year 
  $   423,365  $  273,741 

Net  premiums  written  ••  •                                                ko  R  Q79 

Unearned  premium  and  additional  policy  reserve  adjustment   d^.uoo 

%  371  330 

Net  premiums  earned   *  onrVno 

Net  losses  incurred  including  adjusting  expenses   ' 

OUi,    $  165,532 

Sub-total   gg  207 

Commission  and  allowances   165*278 

General  expenses    ' 

Underwriting  loss  ( -  )   187*672 

Investment  income  

Other  income  and  expenditure  

Net  Profit  Before  Income  Taxes   89,719 

Income  taxes  

Net  profit   »  89'719 


$ 

264,762 

109,819 

s 

154,943 

64,353 

133,889 

-43,299 

195,911 

32 

$ 

152,644 

$  152,644 

Summary  of  Experience  for  the  Previous  Five  Years 


Net  increase  or  decrease  (  — )  in  surplus  

1973 

1972 

1971 

1970 

1969 

$ 

-97,953 
187,672 
77,615 
2,985,813 
3,458.968 

$ 

-43,299 
195,943 
132,571 
2.908,198 
3,269,468 

$ 

-108,905 
190,163 
80,707 
2,775,627 
3.187,257 

$ 

58.850 
167.660 
236,510 
2,694,920 
3,072,305 

$ 

111,224 
163,224 
274,448 
2,458,410 
2,936,105 

Expenses  Incurred 

Commissions  and  allowances:  g  96,564 

Direct  business   1*643 

Contingent  commissions    ' 

e  v  *  *  1    $  98,207 

Sub-total  

Less:  Reinsurance  ceded  

  $  98,207 

Total   - 


General  Expenses:                                                                                                                            j  972 

Advertising   2  599 

Agency  (excluding  commissions)   4*584 

Audit  and  legal   5  739 

Automobile  and  travelling   1,682 

Bureaus  and  associations   4'l90 

Directors  •  •  •  •  •  •  •  •   924 

Employee  benefits  -  Hospital,  medical,  group  life  and  general   x  g7Q 

-Pensions  ■   1*782 

-  Unemployment  insurance  and  workmen  s  compensation   133 

Entertainment   725 

Equipment  -  EDP   2,859 

Express,  freight  and  postage  '  3'369 

Inspections   1*294 

Insurance  (company  coverage)   '754 

Interest  on  financing.   7,425 

Depreciation  -  Building   '3 10 

Licenses  (excluding  agents')   2  668 

Maintenance  and  utilities  -  Premises   '922 

Mercantile  and  investigation  reports   4,200 

Miscellaneous  '  1 1  '430 

Printing  and  stationery   66,563 

Salaries   8*349 

Statistical  and  tabulating   4*399 

Taxes  -  Municipal  and  sundry   19*461 

-Premium   'gcA 

Meetings  and  conventions   5  211 

Telephone  and  telegraph    !  


186 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Ontario  Farmers1  Mutual  (concl'd) 


Investment  Income  and  Expenditure 


Sh  >rt  term  deposits  and  money  market  securities 

Bonds  

Stocks  

Deposits  and  bank  charges  

Safekeeping  lees  

Otter  investment  expenses  

Profit  or  loss  on  sale  of  investments  

Net  INVESTMENT  income  


Income 

Expendi- 
ture 

$  264 

200,003 

674 

104 

147 

426 

12,592 

$  187,672 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prei\ 
Direct 

i's  Written 

Rein- 
surance 
Assumed 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Property  

S 

454,703 
19,192 

$ 

$ 

47,530 
3,000 

$ 

407,173 
16,192 

$ 

351,283 
7,038 

$ 

170,830 
34,968 

% 

48.63 
496.85 

473,895 

50,530 

423,365 

358,321 

205,798 

57.43 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

450,506 
15,540 

$ 

47,052 
31,600 

466,046 

78,652 

Summary  of  Bonds  and  Stocks 


Par  Book  Market 

Value  Value  Value 


Bonds: 


Canadian  -  Federal                                                                     $    162,500  $    160,950  $  141.03J 

-  Provincial                                                                    1,391,000  1,377,956  l,190,lo4 

-  Municipal  and  School                                                  1,119,500  1,100,196  980,706 

Other                                                                                         465,000  463,232  437,862 

$3,138,000  $3,102,334  $2,749,759 


Book  Market 
Value  Value 


Stocks: 

Preferred  

Common   6&,e>at 

$  38,887 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


187 


OTTER  DORCHESTER  MUTUAL  INSURANCE  COMPANY 

Head  Office,  Norwich,  Ont. 
Officers  -  President,  W.  Moore;  Vice-President,  J.  Cattell;  Secretary-Treasurer,  R.  Black. 

mrectors  -  W.  Moore,  J.  Shephard,  J.  Hale,  J.  Cattell,  S.  Marr.  A.  Vandenberghe,  J.  Slattery,  C.  Davis.  M. 
Murphy,  K.  Peers,  F.  Decleir,  A.  Mulhs. 

Auditors.- Millard,  Rouse  &  Rosebrugh.  lfl79  n.,  nnr 

Date  of  Incorporation.  -  Otter  -  Farm  Mutual,  July  30.  1887.  Otter  -  Cash  Mutual  January  1.  1972.  Otter  Dor- 
chester-Cash Mutual,  November  30.  1972.  Commenced  Business  tn  Ontario.  -  August  13.  1888. 

Provinces  in  Which  Licensed.  -  Ontario.  . 
Note-  The  Otter  Mutual  Fire  Insurance  and  North  and  South  Dorchester  Mutual  Fire  Insurance  Companies  were 
amalgamated  as  of  November  30.  1972  to  form  the  Otter  Dorchester  Mutual  Insurance  Company. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


Comparative  Balance  Sheet 


Assets 


Current 
Year 


Investments: 

Bonds  -  (Market  value  $1,558,198) . . . 
Mortgage  loans  and  sales  agreements. 


SI 


Current 

Real  estate   $  48-442 

Encumbrances  


Prior 
$  38,354 


,654,054 
15,518 


48,442 


Cash. 


Summary  of  investments  (sub-total) . 


$1 


Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers. 

Amounts  owing  by  reinsurers  

Other  assets  


718,014 
74,627 
30,341 
51,558 
14,584 
11,807 


Gross  assets  

Deduct:  Assets  not  admitted. 


$1 


,900,931 
42,750 


Total  assets  admitted. 


$1,858,181 


Prior 
Year 

$1,470,913 
16,058 


38,354 

$1,525,325 
61,275 
30,118 
34,937 
4,673 
10,680 

$1,667,008 
49,666 

$1,617,342 


Liabilities 

a  a    .  one/                                                                       .  •  $  253,092 

Unearned  premiums  extended  at  »uy0   5  402 

Additional  policy  reserves   18  861 

Provision  for  unpaid  claims  and  adjustment  expenses  

Bank  overdraft  and  loans    2  054 

Agents'  and  brokers'  credit  balances   4,'550 

Amounts  owing  to  reinsurers   2^936 

Expenses  due  and  accrued   63,956 

Other  liabilities    L  

_  $  350,851 

Total  liabilities  


Reserves  and  Equity 


Surplus  -  Retained  earnings  

Total  liabilities  and  surplus. 


$1,507,330 
$1,858,181 


$  207,881 
2,977 
9,761 
17,718 
575 
1,648 
740 
78,477 

$  319,777 


$1,297,565 
$1,617,342 


Statement  of  Retained  Earnings 


Net  profit  

Changes  in  unadmitted  ledger 
Surplus  refund  declared  1973. 

Totals  


Decreases 

Increases 

$263,830 

6,916 

$60,981 

$60,981 

$270,746 

Net  increase  

Earned  surplus  at  beginning  of  year. 


Earned  surplus  at  end  of  year. 


$  209,765 
1,297,565 

$1,507,330 


188 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Otter  Dorchester  Mutual  (cont'd) 


Assets  Not  Admitted 


<  due  from  agents  and  brokers  on  business  written  prior  to  October  1   $  15,425 

irniture,  equipment,  automobiles,  maps,  plans  and  stationery   11,807 

Mortgage  -  Kmployee   15,518 


[otal  current  year   $  42,750 

Total  prior  year   49,666 


N ET  CHANGE   $  —6,916 


Comparative  Statement  of  Profit  and  Loss 

Current  Prior 
Year 

Net  premiums  written   $  639,897 

ed  premium  and  additional  policy  reserve  adjustment   47,636 

Net  premiums  earned   $  592,261 

Net  losses  incurred  including  adjusting  expenses   215,594 

Sub-total   $  376,667 

Commission  and  allowances   90,391 

General  expenses   142,089 

Underwriting  profit   $  144,187 

Investment  income   119,472 

Other  income  and  expenditure   171 

Net  profit   $  263,830 

Income  taxes  

Net  profit   $  263,830 


Year 

$ 

361,208 

26,317 

$ 

334,891 

101,917 

s 

232,974 

43,601 

81,661 

$ 

107,712 

78,779 

1,596 

$ 

188,087 

$ 

188,087 

Summary  of  Experience  for  the  Previous  Three  Years 


1973 

1972 

1971 

% 

S 

$ 

144,187 
119,643 
209,765 
1,507,330 
1,858,181 

107,712 
80,375 

500,137 
1,297,565 
1,617,342 

60,442 
21,732 
74,566 
797.426 
1,000,170 

Commission  and  Allowances 

Direct  business   •  ^6,328 

Less:  Reinsurance  ceded   85,937 

Total   $  90,391 


General  Expenses 

Advertising   8  4,702 

Audit  and  legal   o  inn 

Automobile  and  travelling   2, 199 

Bad  debts   7,440 

Bureaus  and  associations   o'ooq 

Directors  •   °>228 

Employee  benefits  -  Hospital,  medical,  group  life  and  general   \ 

-Pensions   3,556 

-  Unemployment  insurance  and  workmen's  compensation   1,562 

Express,  freight  and  postage   J 'cor 

Inspections  '  •   97Q 

Insurance   278 

Interest  on  financing   'oon 

Licenses  (excluding  agents')  

Loss  prevention  

Maintenance  and  utilities  -  Premises   c'rra 

Miscellaneous   .  5,6Jci 

Printing  and  stationery  

Rent  -  Premises  

Salaries  

Taxes  -  Municipal  and  sundry  

-Premium   01  ok 

Telephone  and  telegraph    6,\Jb 

Total   »  142,089 


330 
376 


16,908 
4,643 
67,173 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


189 


Otter  Dorchester  Mutual  (concl'd) 

Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Mortgage  loans  and  sales  agreements  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  535 

112,104 

956 

5,877 

$119,472 


Other  Income  and  Expenditure 


Income 


Expendi- 
ture 


Miscellaneous . 


171 


171 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem 
Direct 

*s  Written 

Rein- 
surance 
Assumed 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 

Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Hail  

$ 

738,858 
208,413 
22,157 

$ 

$ 

128,195 
173,497 
27,839 

$ 

610,663 
34,916 
-5,682 

$ 

547,006 
34,916 
1,462 

$ 

212,927 
2,667 

% 

38.93 
7.64 

969,428 

329,531 

639,897 

583,384 

215,594 

36.96 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

330,328 

9.595 
9,266 

-13,963 

316,365 

18,861 

Summary  of  Bonds       ^                   ^  Markej 

Value  Value  Value 

Bon°s:              tt  a     i                                                                     $   210,000  %   202,294  $  170,921 

Canadian -Federal.                                                                    1  048  000  1,045,005  999,247 

-  Provincial  •••••••••••                                                  '417  337                406,755  388,030 

-  Municipal  and  School   *u,OJI 


Other. 


$1,675,337  $1,654,054  $1,558.198 


190 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


PAFCO  INSURANCE  COMPANY  LIMITED 

Head  Office.  Toronto,  Ont. 

the  Board,  A.  B.  Cliff;  President,  A,  A.  Keating;  Secretary-Treasurer,  G.  S.  Robinson; 
l.ftu'ial  Manager.  \Y.  Ci.  Star. 

Directors.  -  A.  B.  Cliff,  G.  S.  Robinson.  A.  A.  Keating. 
Auditors. -  Peat.  Warwick,  Mitchell  &  Co. 

.  -  June  5,  1970.  Commenced  Business  in  Ontario.  -  July  1,  1970. 
Provinces  in  Which  Licensed.  —  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


No. 

Authorized   7.500 

Subscribed   4.250 

Paid  in  cash  or 
stock  dividend  


COMMON 
Par  Value 
$  100 
$  100 


Capital  Stock 

Amount 
$  750,000 


$  425,000 


$  425,000 


No. 
5,000 
2,750 


PREFERRED 
Par  Value  Amount 
$         100      $  500,000 


100      $  275,000 


$  275,000 


Total 
$1,250,000 
$  700,000 

$  700,000 


Premium  on  capital  stock. 


Contributions  to  Surplus 


$  Nil 


Amount  of  calls  unpaid  at  end  of  year. 


Unpaid  Calls 


Nil 


Comparative  Balance  Sheet 
Assets 

Current 
Year 

Investments: 

Short  term  deposits  and  money  market  securities   $  300,000 

Bonds  -  (Market  value  $1,133,109)   1,227,528 

Stocks   845,135 

Summary  of  investments  (sub-total)   $2,372,663 

Cash   37,342 

Investment  income  due  or  accrued   25,755 

Amounts  due  from  agents  and  brokers   123,544 

Other  assets   53,840 

Gross  assets   $2,613,144 

Deduct:  Assets  not  admitted   76,648 

Total  asslts  admitted   $2,536,496 

Liabilities 

Unearned  premiums  extended  at  85%   $  419,598 

Provision  for  unpaid  claims  and  adjustment  expenses   872,156 

Agents'  and  brokers'  credit  balances   24,479 

Amounts  owing  to  reinsurers   24,334 

Expenses  due  and  accrued   54,724 

Provision  for  income  tax   11,790 

Other  liabilities   96,574 

Total  liabilities   $1,503,655 

Reserves  and  Equity 

Capital  and  surplus: 

Capital  stock  -  Paid   $  700,000 

Surplus  -  Contributed  oo'oi'Y 

-  Retained  earnings   332,841 

Total  liabilities,  capital  and  surplus   $2,536,496 


Prior 
Year 


$  300.000 
946,021 
728,835 

$1,974,856 
80,144 
17,452 
54,595 
107,223 

$2,234,870 
44,706 

$2,190,164 


$  345,629 
666,076 
12,204 
34,563 
52,091 
83,983 
113,303 

$1,307,549 


$  700,000 
185MNL6 
$2,190,164 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


191 


Pafco  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  •  •  •  •  

Changes  in  unadmitted  ledger  assets. . 
Dividends  declared  


Totals. 


Net  increase  •  

Earned  surplus  at  beginning  of  year 


Earned  surplus  at  end  of  year. 


Decreases 

Increases 

$233,468 

$  31,942 

51,000 

$  82,942 

$233,468 

$150,526 
182,315 

$332,841 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  


Balance  at  the  end  of  the  year. 


Con- 

Capital 

tributed 

Surplus 

$700,000 

Nil 

$700,000 

Assets  Not  Admitted 


Fxcess  of  book  value  of  stocks  over  market  value   -  •  •  •  •  ■  •   ■   ■  •  •  • 

XmoTnts  due  from  agents  and  brokers  on  business  wnttffl  P"^°ctober  1 
Office  furniture,  equipment,  automobiles,  maps,  plans  and  stationery  


Incorporation  costs. 


Total  current  year. . 
Total  prior  year  


Net  change. 


43,298 
244 
29,969 
3,137 


$  76,648 
44,706 

$  31,942 


Comparative  Statement  of  Profit  and  Loss  Current  Prior 

Year  Year 
$2,577,648  $2,066,536 

Net  premiums  written  j-"  'VJ.™i 73,969  44,539 

Unearned  premium  and  additional  policy  reserve  adjustment   '  

$2,503,679 

Net  premiums  earned   ±  339  772 

Net  losses  incurred  including  adjusting  expenses   '  !  

  $1,113,907 

Sub-total   318,904 

Commissions  and  allowances   539,730 

General  expenses   

$  255,273 

Underwriting  pront   161,942 

Investment  income   —5,747 

Other  income  and  expenditure   

$  411,468 

Net  profit  before  income  taxes   178,000 

Income  taxes   


$  233,468 

Net  profit   — : 


$2,021 ,997 

1,122,020 

$ 

899,977 

272,008 

454,496 

$ 

173,473 

118,146 

-2,564 

$ 

289,055 

131,000 

$ 

158,055 

Summary  of  Experience  for  the  Previous  Four  Years 


1973 

1972 

1971 

1970 

$ 

255,273 
156,195 
150,526 
51,000 

1,032,841 
2,536,496 

$ 

173,473 
115,582 
94,445 
65,000 
25,000 
882,315 
2,190,164 

$ 

21,825 
84,891 

121,058 
24,000 
25,000 

762,870 
1,569,853 

$ 

81,037 
61,571 
-38,188 
32,000 
650,000 
616,812 
1,401,335 

L92  ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Pafco  (cont'd) 


Expenses  Incurred 

Commission  ami  allowances: 

Direct  business   $  318,904 


General  Expenses: 

Advertising   $  5,209 

Audit  and  legal   8,763 

Automobile  and  travelling   18,275 

Directors   1.800 

Employee  benefits   22,908 

Entertainment   9.009 

Equipment  (excluding  automobile  and  EDP)   3,846 

Inspections   ^'llf 

Insurance  (company  coverage)   2,536 

Licenses  (excluding  agents')   300 

Miscellaneous   ?o'?Sl 

Printing  and  stationery   j-2.598 

Rent  -  premises   JIT'??? 

Salaries   271,949 

Statistical  and  tabulating   oonn 

Taxes  -  municipal  and  sundry   a'aoq 

-  premium   54,483 

Telephone  and  telegraph   07'nnn 

Management  fee   37,000 

Total   •  539,730 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  

Amortization  -  discount  or  premium  on  securities. 
Profit  and  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  18,897 

76,419 

31,836 

4,513 

30,277 

$161,942 


Other  Income  and  Expenditure 


Loss  on  sale  of  fixed  assets  

Amortization  of  organization  expenses. 
Bad  debts  


Income 

Expendi- 

ture 

$  1,543 

2,091 

2,593 

$  480 

Total. 


$-5,747 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 

Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Property  

$ 

540 
2,186,015 
91,711 
455,591 

$ 

172 
125,391 
5,539 
25,107 

$ 

368 
2,060,624 
86,172 
430,484 

$ 

226 
1,994,010 
84,169 
413,253 

$ 

% 

Automobile  -  liability.  . 

-  pers.  acc.  . 

954,084 
132,550 
303,138 

47.84 
157.48 
73.35 

2,733,857 

156,209 

2,577,648 

2,491,658 

1,389,772 

55.78 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


193 


Pafco  (concl'd) 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

142 

390.643 
16.676 
86,183 

706,934 
77,377 
87,845 

493.644 

872,156 

Summary  of  Bonds  and  Stocks 


Par  Book  Market 

Value  Value  Value 


B°N^S:  oH;o„    t^rnl                                                                        8     75,000  $     68,197  $  66,388 

Canadian -federal...                                                                   *  394  000  355,151  324,503 

other.. ..7provinc::::: :::::: ::::::::: sitiooo  sotjiso  742:21s 

$1,284,000  $1,227,528  $1,133,109 


Book  Market 
Value  Value 

StOC£S:,      a    *   219,595  $  186,875 

Preferred   625.540  614.962 

Common      . 

$  845,135  $  801,837 


1 94 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


THE  PERSONAL  INSURANCE  COMPANY 

Head  Office,  Montreal,  Quebec 

Presi  lent,  M.  rremblaj  .  Vice  President, S.  Rocheleau;  Manager.  R.  Viger;  Secretary,  C.  Beauvais;  Treasurer. 

C.  Carbonneau. 

Directors.  -  M,  Tremblay.  L.  C.  Webster.  R.  L.  Beaulieu.  L.  Sirois,  S.  Rocheleau. 
Auditors.  -  Samson.  B61air.  Cote.  Lacroix  &  Associates. 

l\::e  .  -     •  liion.  -  July  23.  1959.  Commenced  Business  in  Ontario.  -  December  15.  1972. 

Prowinces  «>•'  Which  I  icensed,  -  Quebec.  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 


COMMON 

No.  Par  Value      Amount  Total 

5,000  $         100     $   500,000      $  500.000 


\nthorized   

ribed    5.000  $         100      $   500.000     $  500,000 

$   500.000     $  500,000 


Paul  in  cash    

Contributions  to  Surplus 

.    .    $  398.000 

Premium  on  capital  stock    


Comparative  Balance  Sheet 

Assets 


Current  Prior 
Year  Year 


investments:                                     ....                                                  «  9nn  nno  &  250  000 

Short  term  deposits  and  money  market  securities                                                     »   *)>j, uuu  *  726*672 

Bonds  (Market  value  $3,589.818)                                                                                662  668  44l'l44 

Stocks   1^406 

Secured  loans    . 

Summary  of  investments  (sub-total)                                                                           336  $4'l85,284 

Cash  •                                                                                        52!264  54^42 

Investment  income  due  or  accrued   318,919 

Instalment  premiums  receivable   13*716 

Amounts  due  from  agents  and  brokers  18  000  3,470 

Amounts  owing  by  reinsurers   16186  

Other  assets    '  '1 '  

  $4,827,902  $4,994,853 

Gross  assets..                                                                                            51  096  35,326 

Deduct:  assets  not  admitted     .  

$4  776  806  $4,959,527 

Total  assets  admitted   


Liabilities 

Unearned  premiums  extended  at  80%   *  •  2*320 

Additional  policy  reserves   .  040'qnfi 

Provision  for  unpaid  claims  and  adjustment  expenses   50  083 

Amounts  owing  to  reinsurers   50*903 

Deposits  from  reinsurers   140  777 

Provision  for  income  tax   15*731 

Other  liabilities    [  

Total  liabilities   *3.244'097 

Reserves  and  Equity 

Capital  and  surplus:  $  500  000 

Capital  stock  -  Paid   '. .  398,000 

Surplus  -  Contributed   fi-U  760 

-  Reta ined  earnings   bM.SW 

Total  liabilities,  capital  and  surplus   $4,776,806 


$1,306,729 
1,465 
1.945,954 
53,304 
44,669 
13,854 
234,856 

$3,600,831 


$  500,000 
398,000 
460,696 

$4,959,527 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Decreases 


Increases 


Net  profit   $15  770 

Changes  in  unadmitted  ledger  assets   ' 

  $15,770 

Totals   

$174,013 

Net  increase   460.696 

Earned  surplus  at  beginning  01  year    

$634,709 

Earned  surplus  at  end  of  year   - 


$189,783 


$189,783 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


195 


The  Personal  (cont'd) 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  


Balance  at  the  end  of  the  year. 


Capital 

Con- 
tributed 
Surplus 

$500,000 

$398,000 

$500,000 

$398,000 

Assets  not  Admitted 


Excess  of  book  value  of  stocks  over  market  value . 
Advances  to  directors,  employees,  or  agents  


Total  current  year. 
Total  prior  year  


Net  change. 


$  49,996 
1,100 


$  51,096 
35,326 


15,770 


Comparative  Statement  of  Profit  and  Loss  D„Irto 

Current  Prior 

Year  Year 

XT                                                                                                                   ....  $2,401,974  $2,994,249 

Net  premiums  written  •  •    1ft,  ,q7  \  272 

Unearned  premium  and  additional  policy  reserve  adjustment   104,^'   

j  $2,566,471  $2,992,977 

Net  premiums  earned   1  787  414  2  355  181 

Net  losses  incurred  including  adjusting  expenses   0  ' 

e  .  .  .  .    $  779,037  $  637,796 

Sub-total   745,305  601,806 

Commission  and  allowances   2g  423  234,250 

General  expenses    !  

Underwriting  profit  or  loss  (  — )   31   352*474  '  334,388 

Investment  income   '     L  

Net  profit  before  income  taxes   $  ^'qqq  S   ^2  J 13 

Income  taxes   '_    !  

XT    $   189,783  $  113,415 

Net  profit   !   .. 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  (— )  in  surplus  

$ 

4,309 
352,474 
174,013 

$ 

-198,260 
334,388 
102,520 

$ 

9,412 
259,313 
265,128 

$ 

96,294 
148,679 
244,973 

$ 

40,033 
87,206 
127,239 

Capital  or  surplus  paid  in  during  year  

1,532,709 
4,776,800 

191,500 
1,358,696 
4,959,527 

1,064,676 
3,943,225 

786,082 
2.535,894 

552,831 
1.886,949 

Expenses  Incurred 

  $  30,769 

 '".['/.'.'..'.'.'.'.....   857,838 


$  888,607 
143,302 


$  745,305 


General  Expenses:  $  2,786 

Audit  and  legal   '  4^376 

Bureaus  and  associations.   2/794 

Licences  (excluding  agents')  '  335 

Miscellaneous   703 

Printing  and  stationery   2,535 

Statistical  and  tabulating   2,264 

Taxes  -  premium   13^580 

Management  fee   .  


Commissions  and  allowances: 

Direct  business  

Reinsurance  assumed  

Sub-total  

Less:  Reinsurance  ceded. 


196 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


he  Personal  (concl'd) 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities... 

Bonds  

Stocks  

Amor  ti/at  ion  -  discount  or  premium  on  securities.  . 

Safekeeping  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  2,046 

270,573 

16,780 

34,121 

$  5,084 

1,401 

35,439 

$352,474 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 

Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

$ 

457,371 
1,328,765 

78,162 
649,984 
8,151 
194,194 

$ 

109,352 
212,548 

10,016 
85,853 

$ 

348,019 
1,202,515 

70,743 
588,400 
8,151 
184,146 

$ 

448,368 
1,296,334 

77,502 
601,525 
8,869 
176,067 

$ 

287,080 
911,252 

33,403 
417,132 
708 
137,859 

% 

64.03 
70.29 

43.10 
69.35 
7.98 
78.30 

Automobile  -  Liability. 

-  Personal 

accident 

-  Other.... 

86,298 

2,597 
24,269 

10,048 

113,164 

2,716,627 

427,817 

2,401,974 

2,608,665 

1,787,434 

68.52 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

302,336 
665,462 
38,571 
315,519 
2,504 
102,329 

82,436 
1,487,781 
32,334 
58,897 
750 
180,708 

1,426,721 

1,842.906 

Summary  of  Bonds  and  Stocks 

Par  Book 
Value  Value 

B°N  Canadian  -  provincial  ,   *  g&JJg  $,  nt?  995 

other.  : munidpal and sc   v: gglgio 

$3,908,000  $3,751,448 

Book 
Value 

Stocks:  ....      $  77,088 

Preferred   585,580 

Common    

$  662,668 


Market 
Value 

$  321,252 
986,545 
2,282,021 

$3,589,818 


Market 
Value 


$  69,750 
542,922 


S  612.672 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


197 


PILOT  INSURANCE  COMPANY 

Head  Office,  Toronto,  Ont. 

Officers.-  President,  A.  A.  Roberts;  Vice-President  and  General  Manager.  B.  Greenslade;  Vice-President,  R.  D. 
Hasse;  Secretary,  R.  J.  Walke;  Treasurer,  J.  J.  Emmert. 

DtV^ors  -  N  Eager,  G.  Horsey,  B.  R.  Mackenzie,  J.  H.  Orr,  J.  B.  Redpath.  A  A  Roberts,  J.  P.  R.  Wadsworth, 
H.  E  wlttick,  J  L  McDougall,  G.  W.  Arnett,  L.  W.  Skey.  R.  D.  Hasse.  J.  W.  Folk,  S.  P.  Steinberg.  J.  J.  Emmert. 
B.  Greenslade,  J.  H.  Pender. 

Auditors.  -  Touche  Ross  &  Company. 

Date  of  Incorporation.  -  April  2,  1927.  Commenced  Business  in  Ontario.  -  April  20,  1927. 
Provinces  in  Which  Licensed.  -  Ontario  and  Quebec. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

COMMON 

No.        Par  Value      Amount  Total 

Authorized   15,000       $  20  $     300,000  $  300,000 

Subscribed....'   10,225       S  20  $     204.500  $  204.500 

Paid  in  cash  or  stock  dividend   »     2^5QQ  $  2Q4'5Q° 

Contributions  to  Surplus 

L  ,  „    .    $  409,102 

Premium  on  capital  stock   — 

Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year   ^      N^  — 


Comparative  Balance  Sheet 


Assets 


Current 
Year 


$  400,000 


Investments: 

Short  term  deposits  and  money  market  securities   hao-jos 

Bonds  -  (Market  value  $9.869,689)   Q  328  537 

Stocks  

Current  Prior 

Real  estate   *  3,603,884  $2,138,014 

Encumbrances    


3,603,884 


Summary  of  investments  (Sub-total) 

Cash  

Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers  

Amounts  owing  by  reinsurers  

Other  assets  


Gross  assets  

Deduct:  Assets  not  admitted. 


$23 
1 


$29 


,294,749 
,179,788 
246,163 
,238,234 
37,727 
306,805 

,403,466 
57.722 


Total  assets  admitted. 


$29,345,744 


Liabilities 

Unearned  premiums  extended  at  80%   $ 

Provision  for  unpaid  claims  and  adjustment  expenses   ° 

Agents'  and  brokers'  credit  balances  

Amounts  owing  to  reinsurers  

Expenses  due  and  accrued  

Other  liabilities  


,796,702 
615,263 
558 
7.036 
61,374 
232,685 


Total  liabilities. 


$18,713,618 


Prior 
Year 

$  1,975,000 
7,911,677 
9,253,992 


2,138.014 

$21,278,683 
1,748.535 
238.423 
3,634,728 
17,795 
124,837 

$27,043,001 
76,665 

$26,966,336 


$  8,175,161 
7,900,213 
1,802 
15,033 
358,662 
1,242,848 

$17,693,719 


Capital  and  surplus: 

Capital  stock  -  Paid  

Surplus  -Contributed  

-  Retained  earnings. 


Reserves  and  Equity 


;  204,500 
409,102 
10,018,524 


Total  liabilities,  capital  and 


surplus   $29,345,744 


$  204,500 
409,102 
8,659,015 

$26,966,336 


IDS 


\\M  \1.  REPOR  1'  —  SUPERINTENDENT  OF  INSURANCE 


Pilot  (cont'd) 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets. 


Decreases 

Increases 

$1,340,566 

18,943 

$1,359,509 

Net  increase  

Earned  surplus  at  beginning  ot  year. 

l  amed  surplus  at  end  of  year  


$  1,359,509 
8,659,015 


$10,018,524 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  


Balance  at  the  end  of  the  year   $204,500 


Capital 

Con- 
tributed 
Surplus 

$204,500 

$409,102 

$204,500 

$409,102 

Assets  Not  Admitted 

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1   $  52.7|6 

Provision  for  other  doubtful  accounts   2QQ 

Advances  to  directors,  employees  or  agents    

$       57  722 

Total  current  year   76  665 

Total  prior  year    1  .. 


Net  change. 


$  -18,943 


Comparative  Statement  of  Profit  and  Loss  Current  Prior 

Year  Year 
  $20,006,025  $16,732,479 

Net  premiums  written                     .  .  ••  •  •  •   ,  fi21  r41  886.059 

Unearned  premium  and  additional  policy  reserve  adjustment   i,b^i,o*i  '  

,  $18,384,484  $15,846,420 

Net  premiums  earned   nuiRQ^fi  9  513  744 

Net  losses  incurred  including  adjusting  expenses   1,1  '   

c  -  „  ,  .    $  6,865,548  $  6,332,676 

Sub-Tota-                                                                                           .  3,566,891  2,893,532 

Commission  and  allowances   2  397  307  1,918,337 

General  expenses   '   !  

_ _                                                                                                        .   .  $     901,350  $  1,520,807 

Underwriting  profit   1  166  716  744,503 

Investment  income   '   

,   ,  $  2  068  066  $  2,265,310 

Net  profit  before  income  taxes   5     72?;500  851,725 

Income  taxes    '  

  $  1,340,566  $  1,413,585 

Net  profit   —  —  


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  (— )  in  surplus  

$ 

901,350 
1,166,716 
1,359,509 

$ 

1,520,807 
744.503 
—5,590,293 
6,969,875 

$ 

1,317,132 
1,328,496 
1,743,315 

$ 

1,403,765 
1,029,217 
1,384,134 

$ 

1,502,717 
1,051.400 
1,306.687 

Capital  or  surplus  paid  in  during  year  

10,632,126 
29,345,744 

9.272,617 
26,966,336 

14,862,910 
28.856,185 

13,119,595 
25,454,694 

11.735.461 
22,855,025 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


199 


Pilot  (cont'd) 


Expenses  Incurred 

Commissions  and  Allowances:  ^  3  53Q  57g 

Direct  business   '124  502 

Contingent  commissions   ' 

e  u  ♦  ♦  1    $  3,655,080 

Sub-total   88,189 

Less:  Reinsurance  ceded    

^    $  3,566,891 

Total   —  — 

General  Expenses: 

  $  2,808 

Advertising   46  796 

Agency  (excluding  commissions)   10*145 

Audit  and  legal   24  969 

Automobile  and  travelling   52,592 

Bureaus  and  associations   23  300 

Directors  ■  •  •  •  •  •  — •,   49314 

Employee  benefits  -  Hospital,  medical,  group  life  and  general   87  245 

-  Pensions  ■  \   1  o'oo- 

-  Unemployment  insurance  and  workmen  s  compensation   143  7 13 

Equipment  (excluding  automobile  and  EDP)   98631 

Express,  freight  and  postage   "7  997 

Insurance  (company  coverage)   'yyg 

Licenses  (excluding  agents')   122  496 

Mercantile  and  investigation  reports   8*182 

Miscellaneous   155*212 

Printing  and  stationery   134  098 

Rent  -  Premises   894  020 

Salaries   84,231 

Statistical  and  tabulating   35  234 

Taxes  -  Municipal  and  sundry   430  1 75 

-Premium   Hl'486 

Telephone  and  telegraph    

...  $  2,397,307 

Total   


Investment  Income  and  Expenditure 


Bonds  

Stocks  

Real  estate  (including  depreciation)  

Amortization-discount  or  premium  on  securities 

Safekeeping  fees  

Investment  counsellor  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 
ture 

$725,162 

451,305 

$  5,164 

4,656 

7,860 

13,750 

14,913 

27,280 

$1,166,716 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

5,089,010 
9,005,859 

1,267,623 
4,950,546 
12,528 
210,938 

$ 

$ 

362,420 
126,665 

18,029 
19,990 
118 
3,257 

$ 

4,726,590 
8,879,194 

1,249,594 
4,930,556 
12,410 
207,681 

$ 

3,515,978 
8,422,792 

1,174,151 
4,629,383 
12,625 
224,169 

$ 

2,033,803 
5,705,214 

864,104 
2,875,427 

% 

57.84 
67.74 

73.59 
62.11 

Automobile  —  Liability 

-  Personal 
accident 

-  Other... 

40,388 

18.02 

Totals  

20,536,504 

530,479 

20,006,025 

17,979,098 

11,518,936 

64.07 

AN N U AL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Pilot  (concl'd) 


Unearned  Preniiums  and  Unpaid  Claims 


Class  of  Insurance 

- 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

4,841,404 
4,251,896 
675,803 
2,298,213 
5,355 

$ 

773,248 
6,523,644 
616,207 
612,286 

89,878 

173,207 
12,245,878 

8,615,263 

Summary  of  Bonds  and  Stocks 

Par  Book 
Value  Value 

HoNV-S:     r        r-^„i  ...    $  2,495,000  $  2,491,788 

(  anadian  -  federal   3  400,000  3,390,465 

-Provincial  •       4>i98)000  4,180,075 

Other   __1_J__  .  — 

$10,093,000  $10,062,328 

Book 
Value 

Stocks:  $  2,382,434 

Preferred   6,946,103 

Common   __  

$  9,328,537 


Market 
Value 

$  2,480,187 
3,186,719 
4,202,783 

$  9,869,689 


Market 
Value 

$  1,794,541 
11,560,027 

$13,354,568 


As  a  result  of  an  examination  of  the  Company  it  was  found  necessary  to  make  the  following  changes  to  the  figures 

published  in  the  report  for  the  year  1972. 


The  balance  sheet  was  changed  to  read  as  follows: 


Current 
Year 


Assets 

Other  assets  

Gross  assets  

Total  assets  admitted. . 


$  124,837 
27,043,001 
26,966,336 


Liabilities 

Provision  for  income  tax  

Total  liabilities  

Total  liabilities,  capital  and  surplus. 


17,693,719 
26,966,336 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


PREMIER  INSURANCE  COMPANY 

Head  Office,  Toronto,  Ont. 

Officers.  -  President.  G.  A.  Secord;  Vice-President,  D.  J.  Walker;  Managing  Director,  G.  W.  Cave;  Manager, 
W.  B.  Pearson;  Secretary-Treasurer,  E.  R.  Jackson. 

Directors.  -  G.  A.  Secord,  D.  J.  Walker,  E.  R.  Jackson,  G.  W.  Cave,  M.  Secord. 
Auditors.  -  Touche  Ross  &  Co. 

Date  of  Incorporation.  -  Nov.  29,  1946.  Commenced  Business  in  Ontario.  -  Jan.  6,  1947. 
Provinces  in  Which  Licenced.  -  Ontario. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

No.         Par  Value      Amount  Total 


Authorized   3,000        $         100      $  300,000         $  300,000 


  1,060  $ 

100     $  106,000 

$ 

106,000 

$  53,000 

$ 

53,000 

Contributions  to  Surplus 

$ 

750 

Amounts  of  calls  unpaid  at  end  of  year. . . 

Unpaid  Calls 

$ 

Nil 

Comparative  Balance  Sheet 


Current 
Year 

Investments:  n 

Short  term  deposits  and  money  market  securities   $  oou.UUU 

Bonds  (market  value  $416,000)   ?47,582 

Stocks   165,996 

Summary  of  investments  (sub-total)   $ 

Cash   43,561 

Investment  income  due  or  accrued   3,9 'n^? 

Other  assets   94  '°71 

Gross  assets   $  1,?oo'ao7 

Deduct:  assets  not  admitted   122,827 

Total  assets  admitted   $  1,219,306 


Prior 
Year 


457,583 

165,996 

s 

623,579 

115,254 

8,490 

¥ 

747,323 

27,576 

$ 

719,747 

Liabilities 

Provision  for  unpaid  claims  and  adjustment  expenses   $  "^'onli 

Expenses  due  and  accrued   7,204 

Provision  for  income  tax  rAA'A,\'A 

Other  liabilities   560 <000 

Total  liabilities   $  878,409 

Reserves  and  Equity 


Capital  and  surplus: 

Capital  stock  -  Paid   » 

Surplus  -  Contributed  

-  Retained  earnings  


53,000 
750 
287,147 


Total  liabilities,  capital  and  surplus   $  1,219,306 


$  261,610 
1,325 
1,175 
40 

$  264,150 


$  53,000 
750 
401,847 

$  719,747 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  loss  

Changes  in  unadmitted  ledger  assets. 


Totals. 


Decreases 

Increases 

$  19,449 

95,251 

$114,700 

Net  decrease  ( — )  

Earned  surplus  at  beginning  of  year. 

Earned  surplus  at  end  of  year  


$-114,700 
401,847 

$  287,147 


202 


ANNUAL  REPORT -SUPERINTENDENT  OF  INSURANCE 


Premier  (cont'd) 


Balance  at  beginning  of  the  year. 

Paid  in  during  the  year  


Balance  .it  the  end  oi  the  year. 


Capital 

Con- 
tributed 
Surplus 

$53,000 

$  750 

$53,000 

$  750 

Assets  not  Admitted 


Ex,  eaa  of  book  value  of  stocks  over  market  value. . . 

Automobiles  

Other  


Total  current  year. 
Total  prior  year. .  . 


Nbt  change. 


$  28,756 
3,330 
90,741 

$122,827 
27,576 

$  95,251 


Comparative  Statement  of  Profit  and  Loss 


Not  P^^^'j^m'^t. 


Unearned  premium 


Net  premiums  earned  

Net  losses  incurred  including  adjusting  expenses. 


Sub-total. 
General  expenses. . 


Underwriting  loss  (—)  

Investment  income  

Other  income  and  expenditure  

Net  profit  or  loss  (-)  before  income  taxes. 
Income  taxes  


Current 
Year 


$  231,921 


$  231,921 
276,528 

$  -44,607 
20,172 

$  -64,779 
45,330 


$  -19,44$ 


Net  profit  or  loss  (  — )  

Summary  of  Experience  for  the  Previous  Five  Years 


$  -19,449 


1973 


Underwriting  gain  or  loss  (— )  

Investment  and  other  income  

Net  increase  or  decrease  (  — )  in  surplus. 

Dividends  to  shareholders   

Capital  or  surplus  paid  in  during  year. 

Capital  and  surplus  at  end  of  year  

Admitted  assets  at  end  of  year  


1972 


$ 

-64,779 
45,330 
■114,700 


340,897 
1,219,306 


-88,152 
47,189 
-35,169 


455,597 
719,747 


1971 


■42,194 
44,902 
-3,612 


490,766 
695,076 


1970 


-9,622 
35,165 
2,905 


487,154 
712,553 


Prior 
Year 


$ 

194,067 

$ 

194,067 

265,768 

$ 

-71,701 

16,451 

$ 

-88,152 

48,899 

$ 

-1,710 

$ 

-40,963 

$ 

-40,963 

1969 


-25,275 
88,012 
48,346 


484,249 
691,257 


Expenses  Incurred 


General  Expenses: 

Audit  and  legal  

Directors  

Interest  on  financing. 

Licences  

Miscellaneous  

Rent  -  Premises  

Salaries  

Taxes  -  Premium  

Total  


$  3.210 
500 

4,000 
250 

2,960 
600 

4,950 

3,702 

$20,172 


Investment  Income  and  Expenditure   


Short  term  and  money  market  securities. 

Bonds  

Stocks  

Net  investment  income  


Income 

Expendi- 

ture 

$  5,400 

32,412 

7,518 

$45,330 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


203 


Premier  (concl'd) 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Direct 

Rein- 
surance 
Assumed 

$ 

$ 

250,824 

Rein- 
surance 
Ceded 


$ 

18.903 


Net 
Premiums 
Written 


$ 

231,921 


Net 
Premiums 
Earned 
on  100% 
Basis 


$ 

231,921 


Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 


$ 

276,528 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

311,205 

Summary  of  Bonds  and  Stocks 

Par                   Book  Market 

Value                Value  Value 

B°N  Canadian -Federal                                                                 «      50.000  S      49,850  $  49,000 

-Provincial                                                                        70,000                  69,401  60,800 


Other. 


329,000  328,331  306,200 


449,000  S     447,582  $  416,000 


Book  Market 
Value  Value 

ST°CPreferred    $     103'289  $  78-100 

co^n^:::::::::::::::::::::::::::.   62,707  59,140 

$     165,996  S  137,240 


204 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


THE  PROVIDENT  ASSURANCE  COMPANY 

Head  Office,  Montreal,  Que. 

Tardif. 

■    .  . UOTS.  -  Courtois.  Fredette,  Charette  &  Cie. 

D,,/.  <>/  /mor/»ora/ion.  -  May  20.  1905.  Commenced  Business  in  Ontario.  -  July  1.  1952. 
Provinces  in  Which  Licensed.  -  New  Brunswick,  Ontario,  and  Quebec. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

COMMON 

No.  Par  Value     Amount  Total 

5  000  000       $             1    $  5,000,000  $  5,000,000 

Authorized                                                                                                 ======    =====  ======= 

500  000       $             1    $     500,000  $  500,000 

Subscribed   '       

$     500,000  $  500,000 

Paid  in  cash  or  stock  dividend                                                                                                   -  ======= 


Contributions  to  Surplus 

Premiums  on  capital  stock   

Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year  


%  83.000 


$  Nil 


Comparative  Balance  Sheet 


Assets 


Investments: 

Bonds  -  (Market  value  $24,022,465) . 

Stocks  


Real  estate  

Encumbrances. . . 


Current 
$  3,916,850 


Prior 
$  3,923,098 


Subsidiaries,  associates  and  affiliates  

Summary  of  investments  (Sub-total). 


Cash  •  •  

Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers. 

Amounts  owing  by  reinsurers  

Other  assets  


Gross  assets  

Deduct:  Assets  not  admitted  

Total  assets  admitted. 


Current 
Year 

$26,396,370 
2,005,934 


3,916,850 

74,099 

$32,393,253 
725,097 
526,552 
4,934,482 
115,135 
635,540 

$39,330,059 
74,099 

$39,255,960 


Prior 
Year 

$24,138,165 
2,107,325 


3,923,098 

186,714 

$30,355,302 
331,441 
483.296 
4.460,329 
84,663 
19,474 

$35,734,505 
186,617 

$35,547,888 


Liabilities 


Unearned  premiums  extended  at  80%  •  

Additional  policy  reserves  , . . . ;  •  •  •  •  •  •  •  • 

Provision  for  unpaid  claims  and  adjustment  expenses. 

Agents'  and  brokers'  credit  balances  

Amounts  owing  to  reinsurers  

Deposits  from  reinsurers   

Expenses  due  and  accrued  

Provision  for  income  tax  

Other  liabilities  


$12, 
18 


559,209 
52,436 

383,984 
20,481 
93,893 
32,206 

346,177 
12,413 
8,203 


Total  liabilities. 


$31,509,002 


$12,225,902 
58,983 
14,876,517 
24,566 
350,625 
34,300 
438,571 
20,435 
19,474 

$28,049,373 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


205 


The  Provident  (cont'd) 

Reserves  and  Equity 


Current  Prior 
Year  Year 


ReSeGeneral   $     250,000  $  250.000 

Reinsurance  ceded  to  unregistered  companies   4,436  1,057 

Capital  and  surplus: 

Capital  stock  -  Paid   500,000  500,000 

Surplus          -Contributed   83,000  83,000 

-  Retained  earnings   6,909,522  6,664,458 

Total  liabilities,  capital  and  surplus   $39,255,960  $35,547,888 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets. 


Dividends  declared . 


Totals   $ 


Decreases 

Increases 

$  760.925 

112,518 

$  3,379 

625,000 

$  628,379 

$  873.443 

Net  increase  

Earned  surplus  at  beginning  of  year. 

Earned  surplus  at  end  of  year  


$  245,064 
6,664,458 

$6,909,522 


Paid  in  during  the  year  

Balance  at  the  end  of  the  year   $ 


Capital 

Con- 
tributed 
Surplus 

$  500,000 

$  83,000 

$  500,000 

$  83,000 

Assets  Not  Admitted 


$  74,099 

$  74,099 

186,617 

.  .  %  -112,518 

Comparative  Statement  of  Profit  and  Loss 

Current 
Year 

Prior 

Year 

$  27,931,287 

-826,760 

$26,244,912 
1,055,117 

$  27,604,527 
20,485,006 

$25,189,795 
16,434.260 

$  7,119,521 
4,727,159 
4,205,116 

$  8.755.535 
4,755,825 
3,987,644 

$-1,812,754 
2,479,019 
18,660 

$  12,066 
1,920,464 
17,748 

$  684,925 
-76,000 

$  1,950,278 
636,474 

.  $  760,925 

$  1,313,804 

206 


ANNUAL  REPORT  -  SUPERINTENDENT_OF^INSURANCE 


The  Provident  (cont'd) 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Not  increase  or  decrease  (  -  )  in  surplus... 

Dividends  to  shareholders  

Capital  or  surplus  paid  in  during  year  

s 

-1,812,754 
2,497,079 
245,064 
625,000 

$ 

12,066 
1,938,212 
1,038,734 
500,000 

$ 

530,030 
1,606,252 
1,329,924 

500,000 

$ 

-389,593 
1,341,264 
431,247 
500,000 

$ 

-726,050 
1,150,414 
-808,064 
500,000 

7,492,522 
39,255,960 

7,247,458 
35,547,888 

6,208,724 
31,783,846 

4,878,800 
28,927,090 

4,447,553 
26,263,593 

Expenses  Incurred 


Commissions  and  Allowances: 

Direct  business  

Reinsurance  assumed  

Contingent  commissions. 


Sub-total  

Less:  Reinsurance  ceded. 


Total  

General  Expenses:   

Advertising  ....  

Audit  and  legal  

Automobile  and  travelling  ' 

Bad  debts  ,  

Bureaus  and  associations  

Employed  benefits  -  Hospital,'  medical,"  group  'life'  and  general. ....... .  ■  •  •  •  •  ■ 

-  uTeSmplSoym'e'nt  insurance  'and  Workmen's  compensation. 

Entertainment  v-Krn . . . 

Equipment  (excluding  automobile  and  KL>f)   

Equipment  -  EDP  

Express,  freight  and  postage  

Insurance  (company  coverage) .  

Maintenance  and  utilities  -  Premises  

Mercantile  and  investigation  reports  '.'.'.'.'.'.'.'.'.. 

Miscellaneous   , 

Printing  and  stationery   

Rent  -  Premises  ' ' '  

Salaries   •  ".".*... 

Taxes  -  Municipal  and  sundry  

-  Premium  

Telephone  and  telegraph  

Total  "" 


$  4,643,243 
9,950 
159,034 

$  4,812,227 
85,068 

$  4,727,159 


5  9,767 
16,568 
135,068 

79,581 
24,175 
73,979 

104,454 
24,357 
21,960 
53,374 

104,081 
38,638 
8,874 
25,215 

182,001 
19,062 

132,400 

233,340 
2,226,891 
34,656 

572,244 
84,431 

$  4,205,116 


Investment  Income  and  Expenditure 


Bonds  

Stocks  

Real  estate'  (including  depreciation)   •  ■ 

Amortization-discount  or  premium  on  securities. 

Safekeeping  fees  

Other  investment  expenses  

Profit  or  loss  on  sale  of  investments  


Net  Investment  Income. 


Expendi- 

Income 

ture 

$1,826,391 

128,701 

196,946 

85,877 

'$13,193 

46,937 

"361,234' 

$2,479,019 


Other  Income  and  Expenditure 


Sundry  Revenue  ;  

Interest  on  deposits  from  reinsurers. 

Total  


Expendi- 

Income 

ture 

$  19,218 

$  558 

$18,660 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


207 


The  Provident  (concl'd) 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Automobile  -  Liability. 

-  Personal 
accident . . 

-Other  

Fidelity  

* 

8,384,486 
11,781,762 

513,128 
4,473,553 
110,917 
164,719 
2,952,557 
74,289 
1,368 

$ 

54,369 
12 

$ 

239  919 
90.772 

3,953 
34,469 
8,028 
20,927 
113,873 
73,915 
-10 

$ 

8  198  936 
lL69l',002 

509,175 
4,439,089 
105,142 
146,739 
2,839,452 
374 
1,378 

$ 

8,625,713 
10!886!350 

532,544 
4,540,868 
106,964 
136,907 
2,683,663 
267 
1,378 

$ 

5  964  693 
8!l72',754 

512,710 
3,501,469 
46,297 
-59,767 
2,345,430 

% 

69  15 
75.07 

96.28 
77.11 
43.28 

5 

2,253 
2,947 
768 

Liability  

Boiler  and  machinery.  . 
Accident  and  sickness.  . 

Totals  

87.40 

1,420 

103.05 

28,456,779 

60,354 

585,846 

27,931,287 

27,514,654 

20,485,006 

74.45 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

-Other  

$ 

6,377,318 
5,563,997 
242,326 
2,112,830 
49,697 
71,417 
1,281,064 
362 

$ 

2,610,418 
8,682,165 
473,690 
1,841,049 
13,157 
99,302 
4,643,378 

825 

15,699,011 

18,383,984 

Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 

R°NICanadian  -  Federal   $  2,500,000  $  2,334,782  $2,010,719 

-Provincial   6,851,000  6,526,122  5,969,018 

-  Municipal  and  School   12,119,000  11,924,989  10,845,459 

Other  ..   .   5,690,000  5,610,477  5,197,269 


$27,160,000  $26,396,370  $24,022,465 


Book  Market 

Value  Value 

Stocks: 

Preferred                                                                                                              $     612,842  $  509,994 

Common  '.'.'.'.'.'.'.'.'.'..'...I'.'.........                                                                         1,393,092  1,642,150 


$  2,005,934 


$  2,152,144 


208 


ANNUAL  RRPORT  — SUPERINTENDENT  OF  INSURANCE 


THE  RETAIL  LUMBERMEN'S 
MUTUAL  FIRE  INSURANCE  COMPANY 

Head  Office,  Winnipeg,  Man. 

Mtorc.-PMtdent,  W.  T.  Cummlng*  Vice-President.  S.  T.  Wake;  Treasurer.  A.  F.  McDiarmid;  Secretary. 
J  W','t',„.,,  -  C.  P.  Loew*.,  C.  H.  C.ark.  S.  T.  Wake.  L.  F.  Westrun,.  A.  F.  McDiarmid,  W.  T.  Curamings.  F.  Lees, 
C.  E.  Hird. 

Auditors.  -  Thorne,  Gunn  &  Co. 

Dot-  o/  Incorporation.  -  1005.  Commr»«<J  Bkwiwm  i«  Oirfano.  -  March  25.  1949. 
Provinces  in  Which  Licensed.  -  Alberta.  Manitoba.  Ontario  and  Saskatchewan. 


Statement  of  Affairs  for  the  Year  Ended  December 
Comparative  Balance  Sheet 
Assets 


31,  1973 


Current 
Year 


Investments:  tnnrm.    $150,662 

Bonds  (market  value  $140.507)   6i808 

Cash  ;'.*.'..'.  16.119 

Instalment  premiums  receivable  •  •  '    2,167 

Other  assets    

$175,756 

Gross  assets  '   10,715 

Deduct:  assets  not  admitted    

$165,041 

Total  assets  admitted   = 

Liabilities 

$  7,500 

Provision  for  unpaid  claims  and  adjustment  expenses  500 

Expenses  due  and  accrued    

Provision  for  income  tax   "  "   59,190 

Other  liabilities    

$  67,190 

Total  liabilities  

Reserves  and  Equity 

Reserves:    $  35,000 

General     62,851 

Surplus  -  retained  earnings   

$165,041 

Total  liabilities  and  surplus   - 


Prior 
Year 

$162,451 
19,008 
4,952 
2,194 

$188,605 
5,516 

$183,089 


$  488 
500 
1.607 
54.273 

$  56,868 


Net  loss  •  •  •  •  ;  • 

Changes  in  unadmitted  ledger  assets. 


Totals. 


Net  decrease  

Earned  surplus  at  beginning  of  year. .  . 


Earned  surplus  at  end  of  year. 


Statement  of  Surplus 


Decreases 

Increases 

$23,171 
5,199 

$28,370 

-28,370 
91,221 


$  62,851 


Assets  Not  Admitted 


Excess  of  book  value  of  bonds  over  market  value. 
Prepaid  expenses  


Total  current  year. 
Total  prior  year. . . 


Net  change 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


209 


Retail  Lumbermen's  Mutual  (cont'd) 


Comparative  Statement  of  Profit  and  Loss 

Current  Prior 
Year  Year 


Net  premiums  written  

  $  9,433 

$ 

8,023 

Net  losses  incurred  including  adjusting  expenses  

  $  9,433 

  31.000 

$ 

8,023 
564 

  $  -21,567 

  10,760 

8 

7.459 
8,961 

  $  -32,327 

  7,427 

  122 

$ 

-1,502 
7,438 
335 

  $-24,778 

  -1,607 

$ 

6.271 
1.607 

  $-23,171 

$ 

4.664 

Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

$ 

$ 

$ 

$ 

$ 

Underwriting  gain  or  loss  ( — )  

Investment  and  other  income  

Net  increase  or  decrease  ( — )  in  surplus  

-32,327 
7.549 
-28,370 
62,851 
165,041 

-1,502 
7.773 
281 
91,221 
183,089 

-3,776 
8,356 
13,230 
90,940 

178,539 

-4,179 
7,631 
-11,442 
77,710 
186,733 

-11,688 
7,875 
-9,033 
89,152 
166,880 

Expenses  Incurred 

General  Expenses: 

Audit  and  legal   %  550 

Directors   129 

Investments  (direct  charges)   41 

Licenses  (excluding  agents')   1,326 

Miscellaneous    

Printing  and  stationery   34 

Salaries   8.400 

General   280 


Total   $10,760 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Profit  or  loss  on  sale  of  investments  


Income 

Expendi- 

ture 

$  46 

7,171 

210 

Net  investment  income   $7,427 


Other  Income  and  Expenditure 


Sundry  income 


Income 

Expendi- 

ture 

$122 

Total   $122 


210 


ANNUAL  IMPORT  — SUPERINTENDENT  OF  INSURANCE 


Retail  Lumbermen's  Mutual  (concl'd) 

Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

27,655 

$ 

$ 

18,222 

$ 

9,433 

$ 

9,433 

$ 

31,000 

% 
328.63 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

7,500 

Summary  of  Bonds 


Bonds: 

Canadian  -  Federal. 

-  Provinci 


Par 
Value 

$119,500 
48,000 

$167,500 


Book 
Value 

$106,169 
44,493 

$150,662 


Market 
Value 

$104,102 
36,405 

$140,507 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


211 


SCOTTISH  &  YORK  INSURANCE  CO.  LIMITED 

Head  Office,  Toronto,  Ont. 

Officers.  -  Chairman,  Rt.  Hon.  Lord  Thomson;  President,  K.  H.  Doyle;  Executive  Vice-President,  R.  W.  Broughton; 
Vice-President,  S.  F.  Chapman;  Vice-President,  D.  A.  Boyd;  Secretary-Treasurer,  R.  D.  Abbot;  Assistant  Secretary- 
Treasurer,  N.  W.  McDermott. 

Directors.  -  J.  A.  Tory,  S.  L.  McCabe,  S.  F.  Chapman,  K.  H,  Doyle,  Rt.  Hon.  Lord  Thomson. 

Auditors.  -  Thorne,  Gunn  &  Co. 

Dale  of  Incorporation.  -  March  6,  1961.  Commenced  Business  in  Ontario.  -  May  1,  1961. 
Provinces  in  Which  Licensed.  -  Alberta,  Manitoba,  Ontario,  Saskatchewan,  and  Quebec. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

COMMON 

No.         Par  Value      Amount  Total 

Authorized   10,000       $  100    $  1,000,000  $  1,000,000 

Subscribed   2,500       $  100    $     250,000  $  250,000 

Paid  in  cash  or  stock  dividend   $     250.000  $  250.000 

Contributions  to  Surplus 

Premium  on  capital  stock   $  Nil 


Comparative  Balance  Sheet 

Assets 


Current  Prior 
Year  Year 


Investments: 

Short  term  deposits  and  money  market  securities   $  4,100,000  $  2,595,731 

Bonds  -  (Market  value  $2,283,267)   2,404,804  1,616,941 

Stocks   1,836,248  1,676,893 


Summarv  of  investments  (Sub-total)                                                            S  8,341,052  $  5,889,565 

Cash                                                                                                                           160,621  441,812 

Investment  income  due  or  accrued                                                                                       89,372  29,457 

Amounts  due  from  agents  and  brokers                                                                             1,094,174  1,065,792 

Amounts  owing  by  reinsurers                                                                                             204,117  275,681 

Other  assets   57,082 


Gross  assets   $  9,889,336  $  7,759,389 

Deduct:  Assets  not  admitted   356,427  200,635 


Total  assets  admitted   $  9,532,909  $  7,558,754 


Liabilities 

Unearned  premiums  extended  at  100%                                                                     $  1,432,587  $  1,221,266 

Additional  policy  reserves   8,410   

Provision  for  unpaid  claims  and  adjustment  expenses   2,446,997  2,040,284 

Agents'  and  brokers'  credit  balances   40,783  37,296 

Amounts  owing  to  reinsurers   842,094  376,550 

|Deposits  from  reinsurers   2,880,744  2,117,047 

Expenses  due  and  accrued   15,677  14,659 

Provision  for  income  tax   33,203  51,086 

Other  liabilities   366,244  206,000 


Total  liabilities   $  8,066,739  $  6,064,188 

Reserves  and  Equity 

Reserves: 

Reinsurance  ceded  to  unregistered  companies   $      74,225  $  20,633 

Capital  and  surplus: 

Capital  stock  -  Paid   250,000  250,000 

Surplus  -Contributed    

-  Retained  earnings   1,141,945  1,223,933 


Total  liabilities,  capital  and  surplus   $  9,532,909  $  7,558,754 


212 


\NL  \1    REPORT  —  SUPERINTENDENT  OF  INSURANCE 


AN 


Scottish  &  York  (cont'd) 

Statement  of  Retained  Earnings,  Capital  and  Surplus 


Decreases 


Increases 


$127,394 


Net  profit  ■  •  •  •  •  '  "    $155,792 

g£SE  t  ^"orV^ISfeanc.  ceded*  unregistered  companies   83.S92 

  $209,384 

Totals   

$  -81,990 

Net  decrease  (  -)  •  1,223,935 

Famed  surplus  at  beginning  of  year    

$1,141,945 

Earned  surplus  at  end  of  year   = 

Capital 
  $250,000 

Balance  at  beginning  of  the  year  ' "  

Paid  in  during  the  year    — 

  $250,000 

Balance  at  the  end  of  the  year   = 


$127,394 


Con- 
tributed 
Surplus 


Assets  Not  Admitted 

...  $  356,427 

Excess  of  book  value  of  stocks  over  market  value   _  — 

  $  356,427 

Total  current  year   200,635 

Total  prior  year    — — 

  $  155,792 


Net  change. 


Comparative  Statement  of  Profit  and  Loss 


Current 
Year 


$3,124,011 

gSeS'pSmta^a  addiiional- peiiVy  reseVveadjustment  .V." ^"l^.... 

$2,904,280 

Net  premiums  earned   2,455,503 

Net  losses  incurred  including  adjusting  expenses   ,  

.  .      $  448,777 

Sub-total  -611,730 

Commission  and  allowances   1 ,388,449 

General  expenses  '  ■ 

.     3  -827M2 

Underwriting  loss  ( -)   456,489 

Investment  income   2,173 

Other  income  and  expenditure    .  

$  130,720 

Net  profit  before  income  taxes  3-326 

Income  taxes    —7 

  $  127,394 

Net  profit   ~ 


Prior 
Year 

$2,848,108 
98,707 

$2,749,401 
2,289,046 

$  460,355 
-536,000 
1,127,387 

$-131,032 
429,656 
1,942 


Summary  of  Experience  for  the  Previous  Five  Years 


Underwriting  gain  or  loss  (— )  

Investment  and  other  income  

Net  increase  or  decrease  (— )  in  surplus 

Dividends  to  shareholders  

Capital  or  surplus  paid  in  during  year. 

Capital  and  surplus  at  end  of  year  

Admitted  assets  at  end  of  year  


1973 

1972 

1971 

1970 

1969 

$ 

-327,942 
458,662 
-81,990 

$ 

-131,032 
431,598 
367,819 

$ 

118,657 
306,849 
199,949 

$ 

131,532 
215,122 
434,375 

$ 

83,330 
287,595 
-152,940 

1,391,945 
9,532,909 

l"473i933 
7,558.754 

£106,114 
7,981,485 

"9667165 
6,759,786 

"471790 
5,313,430 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


213 


Scottish  &  York  (cont'd) 


Expenses  Incurred 

Commissions  and  Allowances: 

Direct  business   $1,512,437 

Reinsurance  assumed   101,359 

Sub-total   $1,613,796 

Less:  Reinsurance  ceded   2,225,526 

Total   $-611,730 

General  Expenses: 

Audit  and  legal   $  con-? 

Bureaus,  associations  and  licences   6,307 

Miscellaneous   „JZ%$1 

Taxes  -  Premium   252-20° 

Management  fee   1,126,769 

Total   $1,388,449 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$197,224 

122,973 

97,356 

38,936 

$456,489 


Other  Income  and  Expenditure 


Investigation  charges. 
Total  


Income 

Expendi- 

ture 

$  2,173 

$  2,173 

Premiums  and  Claims 


Class 
of 

Insurance 


Property  

Automobile  -  Liability. 

-  Pers.  acc. 

-Other.  .  . 

Fidelity  

Liability  

Accident  and  sickness. 

Aircraft  

Marine  

Totals  


Gross  Prem's  Written 


Direct 


4,804,062 
4,281,017 
38,571 
2,642,021 
124,073 
700,973 


12,600,403 


Rein- 
surance 
Assumed 


331,049 
54,114 


29,500 
64343 


479,306 


Rein- 
surance 
Ceded 


4,431,575 
3,131,595 
12,185 
1,687,210 
95,414 
589,253 
8,466 


9,955,698 


Net 
Premiums 
Written 


703,536 
1,203,536 
26,386 
954,811 
28,659 
141,220 
1,220 
64,643 


3,124,011 


Net 
Premiums 
Earned 
on  100% 
Basis 


725,216 
1,073,611 
29,462 
850,870 
27,482 
140,338 
1,058 
64,643 
10 


2,912,690 


Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 


$ 

% 

251,210 

34.64 

1,191,390 

110.97 

54,770 

185.90 

678,929 

79.79 

-10,513 

248,658 

177.19 

-376 

41,435 

64.10 

2,455,503 


Ratio 
Claims 
to 

Premiums 
Earned 


84.30 


2U  ANNrAl_REPOR^ 
Scottish  &  York  (com  I'd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

Property  •  

Automobile  -  Liability  

-  Personal  accident  

-Other  

Fidelity  

Liability    

Accident  and  sickness  

Marine    

191,694 
770,540 
1,683 
394,597 
15,186 
57,784 
1,088 

15 

AHA  A^** 

1,105,519 
62,384 
322,778 
2,025 
308,210 
1,000 

40,628 

Aircraft  

1,432,587 

2,446,997 

Summary  of  Bonds  and  Stocks 


Par 
Value 

Bonds:                      ,  $  25,000 

Canadian  -  Federal   1,369,500 

-  Provincial   250,000 

-  Municipal  and  School  •  850,000 

Other    — 

$2,494,500 


Book 
Value 

$  25,062 
1,293,231 
236,861 
849,650 

$2,404,804 


Market 
Value 

$  24,156 
1,214,111 
226,250 
818,750 

$2,283,267 


Stocks: 

Preferred. 
Common. 


Book 
Value 


$U 


i,564 
>,684 


$1,836,248 


Market 
Value 

$  979,809 
500,012 

$1,479,821 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


215 


SIMGOE  &  ERIE  GENERAL  INSURANCE  COMPANY 

Head  Office,  Hamilton,  Ont. 

Officers.-  Chairman,  J.  C.  Stradwick,  Sr.;  President,  J.  C.  Stradwick,  Jr.;  Vice-President,  E.  H.  Swindall;  Secretary  - 
Treasurer,  E.  Dodd. 

Directors.-].  C.  Stradwick,  Sr.,  J.  C.  Stradwick,  Jr.,  E.  Swindall,  E.  Dodd. 
Auditors.  -  Coopers  &  Lybrand. 

Date  of  Incorporation.  -  Feb.  26,  1959.  Commenced  Business  in  Ontario.  -  March  1,  1959. 

Provinces  in  Which  Licensed.  -  British  Columbia,  Manitoba,  Ontario,  Quebec,  Alberta,  Saskatchewan,  New 
Brunswick,  and  States  of  Georgia,  Alabama  and  Florida  (U.S.A.). 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

COMMON 

No.            Par  Value         Amount  Total 

Authorized                                                                       20,000               $100             $2,000,000  $2,000,000 

Subscribed                                                                           10.000                $100              $1,000.000  j^OOO^OOO 

Paid  in  cash  or  stock  dividend                                                                                     ~$l7oOO,000  $1.000.000 


Contributions  to  Surplus 


Premium  on  capital  stock  

Other  contributions  to  surplus. 

Total  


$  3,866 
800.000 


$  803,866 


Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year   ^  Nil 


Comparative  Balance  Sheet 

Assets 


Current  Prior 
Year  Year 


Investments.^  depositg  and  money  market  securities   $  $  t'i?!® 

sScks (market.  Ta!ue  $7:970,.537): : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :  •' : :  ■  1.902:396  l7^ 

Summary  of  investments  (sub-total)   ^fj^o  $  Ififoill 

Investment' income  due  or  accrued   o  !§«  1  MKOOQ 

Amounts  due  from  agents  and  brokers   'loi  ?n?  1  263  124 

Amounts  owing  by  reinsurers   '  97'im 

Other  assets   II' 

Prepaid  income  taxes   °u'  ; 

Gross  assets   ^^,339  $13*7Q2  3G0 

Deduct:  assets  not  admitted   294,590   ^.aiu 

Total  assets  admitted   $15.568,749  $13,694^208 

Liabilities 

Unearned  premiums  extended  at  80%   $  2,243,138  $  1.387,476 

Unearned  premiums  extended  at  100%   qq«97  69  765 

Additional  policy  reserves   00^- Tr  -i  777 ''^o'j 

Provision  for  unpaid  claims  and  adjustment  expenses   '7^'non  Atif\\n* 

Agents'  and  brokers'  credit  balances   0  ljo.0 30  ?£q  ~i£ 

Amounts  owing  to  reinsurers   HfAf*  1  585  437 

Deposits  from  reinsurers   878,528  HiolVl 

Expenses  due  and  accrued   ism  a  183945 

Provision  for  income  tax   9V7  444 

Other  liabilities   264,004  2o7,444 

Total  liabilities   $11,845,880  $10,214,135 

Reserves  and  Equity 

Reserves:  01*  nai  132  92r> 

Reinsurance  ceded  to  unregistered  companies   zi6,uai  lJ  > 

Capital  and  surplus:  ,  nnn  nnn 

Capital  stock  -  paid   1  "2SS'2?S  803866 

Surplus  -  contributed   ,  803,866  f ; 

-  retained  earnings   1.705,922  1,543,282 

Total  liabilities,  capital  and  surplus   $15,568,749  $13,694,208 


16 


\\M  \l    REPORT  -  SUPERINTENDENT  OF  INSURANCE 


Slmcoe  &  Erie  General  (cont'd) 

Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  •  •  •  •  

&SK  reinsurance  cededto  unregistered  companies. 

Foreign  exchange  .  •  •  •    

I'.S.  provision  tot  taxes  not  renuiretl  


Totals  

Net  increase  

Earned  surplus  at  beginning  ot  year. 


!  arned  surplus  at  end  of  year. 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  


Balance  at  the  end  of  the  year. 


Decreases 

Increases 

$202,230 
80,156 

$441,952 

2,799 
275 

$282,386 

$445,026 

$  162.640 
1,543,282 

$1,705,922 

Capital 

Con- 
tributed 
Surplus 

$1,000,000 

$803,866 

$1,000,000 

$803,866 

Assets  Not  Admitted 


Total  current  year.  . 
Total  prior  year  


Net  change. 


$  260,505 
34,085 

$  294,590 
92,360 

$  202,230 


Comparative  Statement  of  Profit  and  Loss 


and'  additional  policy  reseVve  adjus-tment : 


Net  premiums  earned  

Net  losses  incurred  including  adjusting  expenses. 

Sub-total  

Commission  and  allowances  

General  expenses  


Underwriting  profit  or  loss  (-)  . 


Investment  income  .  

Other  income  and  expenditure  

Net  profit  before  income  taxes. 
Income  taxes  


Net  profit. 


$7,209,433 
4,722,793 

$2,486,640 
1,097,392 
1,448,946 


$  441,952 


Prior 
Year 


Summary  of  Experience  for  the  Previous  Five 


1973 

1972 

1971 

1970 

1969 

Capital  and  surplus  at  end  of  year  

$ 

-59,698 
773,150 
162,640 

S 

291,737 
572,948 
583,340 

$ 

-135,524 
406,783 
101,000 
29,980 
700.200 
1.963.808 
8,561.231 

$ 

-8,598 
228,996 
51.672 
29.970 

$ 

-66,309 
204,142 
-40,910 
29,960 
800 
1,110,936 
5.179.143 

3,509,788 
15,568,749 

800,000 
3,347,148 
13,694,208 

1.162.608 
6,743,142 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


217 


Simcoe  &  Erie  General  (cont'd) 

Analysis  of  Balance  Sheet -Current  Year 


In  Out  of 

Assets  Canada  Canada 


Investments.^  deposits  &nd  money  market  securities   $  2, 103 ,780  $  ^  264,165 

Stocks'  '.*.'.*.'.'. '. '. '.'.".".".".!'.."."!'.'. '. '.        '. '. '. '. '.   '  •'  •  •  •  •        l!662!663  '239',733 
Summary  of  investments  (sub-totals)   *10iil'22S  $  1,7??,2SS 


147,905  21,929 


Cash.. 

Investment  income  due  or  accrued  

Amounts  due  from  agents  and  brokers   '  «i  qoA  HaTfS 

Amounts  owing  by  reinsurers   10700c  ov.ovo 

Other  assets   en  107 

Prepaid  income  taxes   ou,xu' 


Gross  assets   *14'SMb2         *  ^li'fH 

Assets  not  admitted   231,862  62'728 

Total  assets  admitted   $13,902,493         $  1,666,256 


Liabilities 

Unearned  premiums  extended  at  80%   $  2,2!o  haa 

Unearned  premiums  extended  at  100%   qq  rot 

Additional  policy  reserves   ,  n„Ci  i""V  oiTaM 

Provision  for  unpaid  claims  and  adjustment  expenses   ioVqiq  v>717 

Agents'  and  brokers'  credit  balances   AIoaa  9/  ^07 

Amounts  owing  to  reinsurers   878  ?98  S4.SOT 

Deposits  from  reinsurers   4090T7  QQ 

Expenses  due  and  accrued   r?'nis 

Provision  for  income  taxes   0A1 '97R  Ao'fioe 

Other  liabilities   201,376  62'628 

Total  liabilities   $10,605,010  $  1,240,870 


Reserves  and  Equity 

Reserves:                                                   ,  onn81 

Reinsurance  ceded  to  unregistered  companies   zio.uoi   

Capital  and  surplus:  n  m0 

Capital  stock  -  paid   ^SrrtSfifi 

Surplus  -  contributed   1  oenS  Vok'oofi 

-  retained  earnings   1,280,536  425,38b 

Total  liabilities,  capital  and  surplus   $13,902,493          $  1,666,256 


Analysis  of  Statement  of  Profit  and  Loss -Current  Year 


In  Out  of 

Canada  Canada 


999,745 


Net  premiums  written  .'.   $  7'2?n*EJ 

Unearned  premium  and  additional  policy  reserve  adjustment   87U.S4.5  £>,J0U 

Net  premiums  earned   $  6,204,428  $  1.005.005 

Net  losses  incurred  including  adjusting  expenses   d,4»y,bbU  i^aa.Laa 

onh  tntaU    $  2,714.768  £  -228,128 

SUD-tOtaiS   017  1C7  280  ''OS 

Commission  and  allowances   ,  oa«£ 

General  expenses   1,424,363  24'583 


473.218  -532,916 
670,865  106,728 
-5,172  729 


Underwriting  profit  or  loss  (— )  

Investment  income  

Other  income  and  expenditure  

Net  profit  or  loss  (-)  before  income  taxes   $  1,138.911          $  - 425,459 

Income  taxes   271.5UU 

Net  profit  or  loss  ( — )   $    8<^411          ®  -4*6.469 


218  ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE  


Slmcoe  -iv  Erie  General  (cont'd) 


Expenses  Incurred 


Comrn  [ssions  snd  Allowances!  ^  3  644  700 

Direct  busineaa  ;;;  i',2i5',394 

Reinsurance  assumed   26  557 

Contingent  commissions    ' 

-  .         .    $  4,886,651 

Sub-total     3,789,259 

Less:  Reinsurance  ceiled    _  

  $  1,097,392 

Total   -- 


Genei  al  Expenses:                                                                                                        $  3  017 

Advertising...   10*381 

Audit  and  legal   53  951 

Automobile  and  travelling   7*627 

Had  debts   '977 

Books  and  periodicals   j  gtjg 

Bureaus  and  associations   5*805 

Leasehold  improvements  •  •  •  •   8*811 

E  mployee  benefits  -  Hospital,  medical,  group  life  and  general   14  477 

-  Pensions   kl'^q 

-  Unemployment  insurance  and  workmen  s  compensation   e>lo 

Donations  . . .  •  ■  •    12.745 

Equipment  (excluding  automobile  and  EDr)   13  269 

Express,  freight  and  postage   3L850 

Inspections  •   2*,865 

Insurance  (company  coverage)   50,503 

Interest  "  43*,599 

Licences                                                                                                                              .  115,625 

Management  fees   10  383 

Mercantile  and  investigation  reports   89*734 

Printing  and  stationery    59*744 

Rent  -  Premises  and  equivalent   570  412 

Salaries     ....   60  J06 

Statistical  and  tabulating   286  104 

Taxes  -  Premium  *  33',650 

Telephone  and  telegraph   —AA,417 

Expense  recoveries   .  !  

  $  1,448,946 

Total   - 


Income  and  Expenditure 


Short  term  and  money  market  securities. 

Bonds  

Stocks  

Profit  or  loss  on  sale  of  investments  


Income 

Expendi- 

ture 

$152,379 

520,873 

58,886 

45,455 

$777,593 


Other  Income  and  Expenditure 


Foreign  exchange. 
Total.  . 


Income 

Expendi- 

ture 

$  4.443 

$-4 

MS 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


219 


Simcoe  &  Erie  General  (concl'd) 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

Hail  

Automobile  -  Liability. 

-  Pers.  ace. 

-Other  

Fidelity  

liability  

Boiler  and  machinery .  . 

$ 

6,350,488 
633,498 
1,108,384 
7,193 
742,007 
22,920 
1,722,680 
4,832,185 

$ 

905,449 
67,053 
295,605 
32 
82,941 
1 

133,262 
403,638 
42,520 
327,759 
2,928,909 

$ 

4,720,490 
544,461 
538,1 16 
-3 
382,468 
20,341 
1,151,274 
3,547,423 

$ 

2,535,447 
156,090 
gap; 

500,0/  o 

7,228 
442,480 
2,580 
704,668 
1,688,400 
42,520 
292,619 
1,337,111 

$ 

2,242,652 
156,090 
790  01 1 
1L216 
379,769 
3,457 
504,537 
1,297,485 
42,520 
289,641 
1,365,719 

$ 

1,390,988 
24,611 
558,858 
15478 
325,023 
1,116 
88,688 
462,271 
7,009 
286,052 
1,562,699 

% 

62.02 
15.77 
70  74 

137.99 
85.58 
32,28 
17.58 
35.63 
16.48 
98.76 

114.42 

3,946,414 
241,154 

3,981,554 
1,832,952 

Totals  

19,606,923 

5,187,169 

16,719,076 

8,075,016 

7,083,097 

4,722,793 

66.68 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

1,278,767 
334,389 
-1,919 
224,237 
2,194 
286,819 
600,532 
19,091 
45,255 

706,013 
827,838 
18,960 
179,576 
1,069 
108,919 
686,507 
119,622 
1,636,011 

2,789,365 

4,284,515 

Summary  of  Bonds  and  Stocks 

Par                  Book  Market 

Value               Value  Value 

B°N  Canadian  -  Federal                                                                   *  584,760  $  572,381  $  546,591 

Canadian  _  federal                                           V                 .        1,677  548  1,566,820  1,462,859 

-Municipal  and  School                                                    199,532                176,966  156.198 

Qther  _     . P  ! .  .     ?.??.'. : . . . ; . .  . . . . . . . ....        6,323;404  6,138,611  5,804,889 

$8,785,244  $8,454,778  $7,970,537 


Book  Market 

Value  Value 

ST°CPreferred                                                                                                                *   609,201  $  527,279 

om^:::::::::::::::::::::::::::::::::::::::::::::::::               1.293,195  uu,^ 

$1,902,396  $1,641,891 


'220 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TRANSPORTATION  FIRE  &  CASUALTY  COMPANY 

Head  Office,  Thornhill,  Ont. 

Officers.  -  President,  C.  Switzer;  Vice-President,  W.  Bryce;  Secretary,  H.  C.  Annis. 
DirtCtOTS.  -  C.  Switzer,  H.  C.  Annis,  W.  Bryce. 
Auditors.  -  Thorne  Gunn  &.  Co. 

of  Incorporation.  -  April  14,  1049.  Commenced  Business  in  Ontario.  -  June  1,  1949. 
Provinces  in  Which  Licensed.  -  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

COMMON 

No.           Par  Value  Amount  Total 

Authoriied                                                                            3,000           $         100  $  300,000     8  300,000 

Subacribed                                                                            i-256           $         100  »  125'60Q     I  125-60Q 

,  $     94,900     $  94,900 

Paid  in  cash   —  — 

Contributions  to  Surplus 

.    ,    $  16,600 

Premium  on  capital  stock   — 

Unpaid  Calls 

Amount  of  calls  unpaid  at  end  of  year   _£_J^L__ 


Comparative  Balance  Sheet 

Current 
Year 

Assets 

Investments:  .  «   not  nnfl 

Short  term  deposits  and  money  market  securities   •  Toynnn 

Bonds  (Market  value  $109,978)   84^50 

Stocks   .  ' 

Summary  of  investments  (sub- total)   $  461  623 

Cash  •   6'742 

Investment  income  due  or  accrued   Qg2 

Amounts  due  from  agents  and  brokers   70*585 

Amounts  owing  by  reinsurers   8*,057 

Other  assets   .  !  

$  762,049 

Gross  assets   17  623 

Deduct:  assets  not  admitted    ' 

Total  assets  admitted   $  744,426 


$  200,000 
149,757 
86,949 


$ 

436,706 

70,711 

3,262 

127,678 

35,524 

4,393 

$ 

678,274 

30,971 

$ 

647,303 

Liabilities 

Unearned  premiums  extended  at  80%   ^  ^l'ssl 

Additional  policy  reserves    178705 

Provision  for  unpaid  claims  and  adjustment  expenses   9  239 

Agents'  and  brokers'  credit  balances   6  252 

Amounts  owing  to  reinsurers   12',015 

Expenses  due  and  accrued   l',007 

Provision  for  income  tax   50,381 

Other  liabilities    !  

$  409,450 

Total  liabilities  

Reserves  and  Equity 

Capital  and  surplus:  §  94,900 

Capital  stock  -  Paid   16)600 

Surplus  -  Contributed   223  476 

-  Retained  earnings    ' 


Total  liabilities,  capital  and  surplus. 


$  744,426 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


221 


Transportation  Fire  &  Casualty  (cont'd) 

Statement  of  Retained  Earnings,  Capital  and  Surplus 


Decreases 


Net  profit   •  •  

Changes  in  unadmitted  ledger  assets   ^  3,762 

Refundable  dividend  tax  ,  \  


Totals. 


Net  increase  

Earned  surplus  at  beginning  of  year. 

Earned  surplus  at  end  of  year  


$  3,762 


Increases 


$  41,094 
13,348 


$  54,442 


$  50,680 
172,796 

$223,476 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  


Balance  at  the  end  of  the  year. 


Capital 


$  94,900 


$  94,900 


Con- 
tributed 
Surplus 


%  16.600 


$  16.600 


Assets  Not  Admitted 


Excess  of  book  value  of  stocks  over  market  value.  .   •  •  •  ••••••• 

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1 


Total  current  year. 
Total  prior  year  


Net  Change. 


Comparative  Statement  of  Profit  and  Loss 


Net  premiums  written  •  •  •  •  •  •  •  •  • 

Unearned  premium  and  additional  policy  reserve  adjustment. 


Net  premiums  earned  

Net  losses  incurred  including  adjusting  expenses. 


Sub-total  

Commission  and  allowances. 
General  expenses  


Underwriting  profit  .  . 

Investment  income  

Other  income  and  expenditure . 


Net  profit  before  income  taxes. 
Income  taxes  


Net  profit. 


Current 

Year 

% 

291.666 

43.901 

$ 

247,765 

185,511 

$ 

62,254 

4,315 

40,028 

% 

17,911 

32,133 

$ 

50,044 

8,950 

$ 

41,094 

17,063 
560 


$ 

17,623 

30,971 

$ 

-13,848 

Prior 

Year 

s 

224,805 

-22,677 

$ 

247.482 

199,162 

$ 

48,320 

-14,186 

47,599 

$ 

14.907 

25,177 

163 

$ 

40,247 

12,421 

$ 

27,826 

Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  ( — )  in  surplus  

$ 

17,911 
32,133 
50,680 

$ 

14,907 
25,340 
18,381 

$ 

-25,953 
30,899 
6,119 

S 

1.881 
22,575 
15,525 

$ 

16,655 
17,901 
13,134 

334,976 
744,426 

284,296 
647,303 

265,915 
826.482 

259,796 
551,526 

244,271 
454,434 

ANNUAL  REPORT  —  SUPERIN TKNDENT  OF  INSURANCE 
Transportation  Fire  &  Casualty  (cont'd) 


Expenses  Incurred 


Commissions  and  allowances:  g  133,076 

Direct  business   128,761 

1  eS8!  Reinsurance  ceded    ' 

  $  4,315 

Total    


General  Expenses:    $  4,500 

Audit  and  legal   450 

Directors  ' "  "  1,463 

Miscellaneous   'l71 

Statistical  and  tabulating  -  facility  expense   4  532 

la\<-s    premium   28^912 

Management  fees    !  


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  :  •  .••  •  ■ 

Amortization  -  discount  or  premium  on  securities. 
Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  18,050 

8,111 

4,960 

261 

751 

$  32,133 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 
Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

266,309 
53,166 

243,863 
19,074 

113,357 
27,029 

$ 

134,377 
46,089 

152,253 
11,955 
70,241 
16,217 

$ 

131,932 
7,077 
91,610 
7,119 
43,116 
10,812 

$ 

66,229 
7,077 
100,832 
7,693 
46,086 
8,871 

$ 

54,963 
3,734 

78,916 
577 

45,999 
1,322 

% 

82.99 
52.76 
78.26 
7.50 
99.81 
14.90 

Hail  

Automobile  -  Liability. 

-  Pers.  ace. 
-Other  

! 

Totals  

722,798 

431,132 

291,166 

236,788 

185,511 

78.34 

Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

101,846 
48,654 
3,988 
22,654 
10,380 

$ 

14,835 
132,274 

163 
30,553 

880 

187,522 

178,705 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


223 


Transportation  Fire  &  Casualty  (concl'd) 


Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 

BONrSanarfian    ferWI    $     38,000  $     38,000  $  29,752 

Canadian -federal    •  3  00Q  31276 

other   - prov^nf I;;;:;:;;:;::;:;;;::::::::::* i *        50:500        54,000  48.950 

$   129,500  $   127,000  $  109.978 


Book  Market 

Value  Value 

Stocks:                                                                                                          $    60  093  $  46,554 

Preferred                                                                                                                     24  857  21,333 

Common    __  

$     84,950  $  67,887 


224 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


THE  UNITED  PROVINCES  INSURANCE  COMPANY 

Head  Office,  Montreal,  Que. 

.  ..     President,  \Y.  A.  Major;  Vice-President,  C.  Bebear;  General  Manager,  P.  Guilbeault;  Secretary.  L.  Pons; 
I'reusurer.  M.  Dekoven;  Actuary.  D.  Vanasse. 

Z  rs.  W.  A.  Major.  R.  B.  Major.  G.  L.  Hudon,  C.  C.  Joron,  P.  Chapdelaine,  C.  Bebear,  R.  Bourassa. 
J.  H.  Gagnon.  B.  F.  Clarke.  J.  Lesage. 

Auditors.  -  Peat,  Marwick,  Mitchell  &  Co. 

orporation,  -  Dec.  14.  1927.  Commenced  Business  in  Ontario.  -  Aug.  21,  195o. 
Provinces  in  Which  Licensed.  -  Ontario  and  Quebec. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

F  COMMON 

No.         Par  Value     Amount  Total 

100.000        $  10     $1,000,000  $1,000,000 

Authorized   ,  —      :  — 

$  750,000  $  750,000 

^                                                                                                          $        Life       -350,000  -  350,000 

Subscribed                                                                                             —              —  — 

$  400.000  $  400.000 

Paid  in  cash  or  stock  dividend                                                                                                     —  — 

Contributions  to  Surplus 

  $  750,000 

Premium  on  capital  stock     —750,000 

Lite  department  portion    _ 

  $  Nil 

Total   

Unpaid  Calls 

  $  Nil 

Amount  of  calls  unpaid  at  end  of  year   ______ 


Comparative  Balance  Sheet 

Assets 


Current  Prior 
Year  Year 


Investments:  %     200  000  $  700.000 

Short  term  deposits  and  money  market  securities   •     970732  9,767,970 

Bonds  -  (Market  value  $10.424,939)   666  092  372.316 

Stocks   993*839  3,613 

Mortgage  loans  and  sales  agreements    •  _  _ 

...  $12,830,663  $10,843,899 

Summary  of  investments  (sub-total)   *"    '4g6  377  892,413 

Cash  ••   203',112  175,767 

Investment  income  due  or  accrued   3  043  315  3,185,475 

Amounts  due  from  agents  and  brokers   '447  871  879,500 

Amounts  owing  by  reinsurers   608,516  667,644 

Other  assets    '.   

....  $17,629,854  $16,644,698 

Gross  assets   w     453  419  442,007 

Deduct:  Assets  not  admitted    ;   — _  

  $17,176,435  $16,202,691 

Total  assets  admitted   _            _  _________ 

Liabilities 

,  .    .  cnP7    $  5,190,164  $  4,979,431 

Unearned  premiums  extended  at  80%   5  588  5,689 

Additional  policy  reserves  •   6  721*448  5,863,803 

Provision  for  unpaid  claims  and  adjustment  expenses   *  10  966  12,579 

Agents'  and  brokers'  credit  balances   501*013  909,012 

Amounts  owing  to  reinsurers   20*,000  18,953 

Deposits  from  reinsurers   47*594  50,756 

Expenses  due  and  accrued   '  40,068 

Provision  for  income  tax  217  675  186,433 

Other  liabilities    .  — 

.  $12,714,448  $12,066,724 

Total  liabilities  

Reserves  and  Equity 


Reserves: 

Reinsurance  ceded  to  unregistered  companies  

Capital  and  surplus:  «  400,000 

Capital  stock  -  Paid  

Surplus  -  Contributed  4  061,987 

-  Retained  earnings   .  


$17  176,435  $16,202,691 

Total  liabilities,  capital  and  surplus   *         '  ■ 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


The  United  Provinces  (cont'd) 


225 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Decreases 


Increases 


Net  profit   c  11  410 

Changes  in  unadmitted  ledger  assets   mn'non 

Transfer  to  Life  Department   iuu.uuu 

Totals   $111'412 

  $  326,020 

Net  increase   3  735  957 

Earned  surplus  at  beginning  of  year   ' 

Earned  surplus  at  end  of  year   $4,061,987 

Capital 

Balance  at  beginning  of  the  year   $400,000 

Paid  in  during  the  year  

Balance  at  the  end  of  the  year   $400,000 


$437,432 


$437,432 


Con- 
tributed 
Surplus 


Assets  Not  Admitted 

$     10  977 

Excess  of  book  value  of  stocks  over  market  value. . . . . .                  .  .  ■■    38222 

Amounts  due  from  agents  and  brokers  on  business  written  prior  to  October  1   18808 

Deferred  charges  or  prepaid  expenses  (including  agents  commissions)  

Advances  to  directors,  employees  or  agents   370  553 

Office  furniture,  equipment,  automobiles,  maps,  plans  and  stationery   19'385 

Other    !  

  $  453,419 

Total  current  year   442  007 

Total  prior  year    ' 


Net  change. 


$  11,412 


Comparative  Statement  of  Profit  and  Loss  DriT™ 

*  Current  Prior 

Year  Year 

  $11,229,911  $10,720,372 

Net  premiums  written  j.-"V"*l 910  639  531174 

Unearned  premium  and  additional  policy  reserve  adjustment   ^iu.ooz  OJ  ' 

r,    $11,019,279  $10,189,198 

Net  premiums  earned   7  7fiq  4.09  a  787  304 

Net  losses  incurred  including  adjusting  expenses   ''/uo'  0  ' 

e  u    *  1                                                                                      ....  $  3,255,847  $  3,401,894 

Sub-total   874,281  1,061,886 

Commission  and  allowances   2  930  309  2,469,657 

General  expenses   '   !  !  

T-j        ...      ,      /    \                                                                               .  $  -548,743  $  -129,649 

Underwriting  loss  (    )   w     927  504  820,117 

Investment  income   58  671  31  432 

Other  income  and  expenditure    '_    !  

r.   ,   .  $     437  432  $  721,900 

Net  profit  before  income  taxes   ®  *°'-*0iS 

Income  taxes    

...  $     437,432  $  721,900 

Net  profit   !   — 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  (— )  in  surplus  

$ 

-548,743 
986,175 
326,020 

$ 

-129,649 
851,549 
445,869 

$ 

73,392 
714,238 
572,322 

$ 

186,511 
684,390 
841,506 

$ 

-444,628 
557,682 
60,238 

-100,000 
4,461,987 
17,176,435 

4,135,967 
16,202,691 

-200,000 
3,690,098 
13,939,312 

-48,052 
3,317,776 
12,696.781 

-150,000 
2,524,322 
11,335,997 

226 


ANNUAL  RKPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  United  Provinces  (cont'd) 

Expenses  Incurred 

I  Allowances:  $  2,937,207 

l  Mrei  I  business   2',062,926 

less:  Remsui.une  ceded    

  $  874,281 

Total   ===== 

General  Expenses;    $  9,229 

Advertising  :  •  •  ■                                                                                            '  17,253 

A  He  ne  y  Unhiding  commissions)   54,155 

Audit  and  legal   78',419 

Automobile  and  travelling   45,956 

Bureaus  and  associations   8,550 

ICm, ioyee  benefits  -  Hospital'  medicai,*  group  life  and  general  ■  -  •  43,658 

—  Pensions  /• i  Vrio 

-  Unemployment  insurance  and  workmen  s  compensation   68683 

Equipment  (excluding  automobile  and  EDP)   22*173 

Equipment  -  EDP  '  37|641 

Express,  freight  and  postage   7,777 

Insurance  (company  coverage)   4*312 

Licenses  (excluding  agents')   93,225 

Mercantile  and  investigation  reports   8,329 

Miscellaneous  "  169  [697 

Printing  and  stationery   205,375 

Kent  -  Premises  \  1,700,077 

Salaries   20,738 

Statistical  and  tabulating.   33,605 

Taxes  -  Municipal  and  sundry  .  .  350,647 

-  Premium  •  j  [  *  124,968 

Telephone  and  telegraph   —220,533 

Expenses  recovered    _  

  $  2,930,309 

Total   ========== 


Investment  Income  and  Expenditure 


Short  term  deposits  and  money  market  securities. 

Bonds  

Stocks  

Mortgage  loans  and  sales  agreements  

Deposits  and  bank  charges  

Amortization  -  discount  or  premium  on  securities. 

Safekeeping  fees  

Investment  counsellor  fees  

Profit  or  loss  on  sale  of  investments  

Net  investment  income  


Income 

Expendi- 

ture 

$  76,694 

759,753 

21,121 

17,459 

$  660 

37,808 

5,152 

750 

21,231 

$927,504 


Other  Income  and  Expenditure 


Miscellaneous  interest  

Loss  on  sale  of  fixed  assets 

Administration  fees  

Other  

Totals  


Income 

Expendi- 

ture 

$  6,706 

$  1,646 

50,409 

3,202 

$  58,671 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Net 
Premiums 
Earned 
on  100% 

Basis 

Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 

Ratio 
Claims 
to 

Premiums 
Earned 

Direct 

Rein- 
surance 
Assumed 

$ 

5,478,353 
7,175,129 
465,313 
3,463,497 
5,990 
34,923 
875,932 
33,212 

$ 

$ 

2,505,320 
2,242,243 
145,184 
1,083,302 
586 
325 
292,266 
33,212 

% 

2,973,033 
4,932,886 
320,129 
2,380,195 
5,404 
34,598 
583,666 

$ 

2,958,079 
4,863,536 
296,726 
2,268,913 
5,824 
33,060 
540,356 

$ 

1,936,247 
3,569,960 
193,467 
1,601,710 
-495 
495 
462,048 



% 

65.46 
73.40 
65.20 
70.59 

Automobile  -  Liability. 

-  Pers.  ace. 
-Other  

1.50 
85.51 

Boiler  and  machinery.  . 

Totals  

17,532,349 

6,302,438 

11,229,911 

10,966,494 

7,763,432 

70.79 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


227 


The  United  Provinces  (concl'd) 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

2,337,238 
2,437,205 
161,437 
1,175,307 
2,129 
11,437 
362,952 

823,984 
4,520,961 
140,840 
452,044 
1,700 
14,869 
767,070 

6,487,705 

6,721,448 

Summary  of  Bonds  and  Stocks 


Par  Book  Market 

Value  Value  Value 

"^-SSsi ::::::::::::  $i»  $88»  *1M 

$11,134,843  $10,970,732  $10,424,939 


Book  Market 
Value  Value 

^Preferred   $   141'886  $  118'144 


Common, 


524,206  536,971 


$  666,092  $  655.115 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


UPPER  CANADA  INSURANCE  COMPANY 

Head  Office,  Toronto,  Ont. 

President,  J.  D.  Cassidy;  Vice-President,  W.  W.  Ward;  Secretary-Treasurer,  D.  H.  Cameron;  Assistant 
Secretary,  j.  E.  Lunney. 

n  il.  Cameron,  J.  D.  Cassidy,  D.  H.  Dean,  A.  J.  Vogel,  W.  W.  Ward. 
Auditors. -  Peat,  Marwick,  Mitchell  &  Co. 

ion.  •    \  tig.  6,  1947.  Commenced  Business  in  Ontario  -  Jan.  2,  1948. 
PfOfitueS  in  Which  Licensed.  -  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 


COMMON 

No.        Par  Value     Amount  Total 


Authorized                                                                                   5'000       J?  ^  $  500,000  $  500,000 

Subscribed   1,510         $         100  S  151,000  $  151,000 

D  .  .  .        .  $  151,000  $  151,000 

Paid  in  cash   — 


Comparative  Balance  Sheet 

Assets  Current 

Year 

Investments:  e  OM71n 

Bonds  -  (Market  value  $229,125)   *  2,734 

Cash  •   S280 

Investment  income  due  or  accrued   15  836 

Other  assets    ' 

Gross  assets   *  266,.562 

Deduct:  Assets  not  admitted   10,001 

Total  assets  admitted   $  250,975 

Liabilities 

<e  1  111 

Provision  for  income  tax  

Other  liabilities  

<R  1111 

Total  liabilities   • 

Reserves  and  Equity 

Capital  and  surplus:  s     1  ri  nno 

Capital  stock  -  Paid   35  151.0UU 

Surplus  -Contributed  qq'q«4. 

-  Retained  earnings  

Total  liabilities,  capital  and  surplus   $  250,975 


Prior 
Year 

$  244,712 
13,541 
3,120 


261,373 
13,162 


$  248,211 


200 
1,230 


1,430 


$  151,000 
95,781 
$  248,211 


Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  ledger  assets. 


Totals. 


Decreases 

Increases 

$  5,508 

$  2,425 

$  2,425 

$  5,508 

Net  increase  

Earned  surplus  at  beginning  of  year. 


Earned  surplus  at  end  of  year. 


$  3,083 
95,781 


$  98,864 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  


Balance  at  the  end  of  the  year  „  $151'000 


Capital 

Con- 
tributed 
Surplus 

$151,000 

$151,000 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


229 


Upper  Canada  (concl'd) 


Assets  Not  Admitted 

$      15  587 

Excess  of  book  value  of  bonds  over  market  value    '__ 

  $  15,587 

Total  current  year   13  162 

Total  prior  year    ' 

  $  2,425 

Net  change   — 

Comparative  Statement  of  Profit  and  Loss           Current  Prior 

Year  Year 

  $       11,260  $  11,721 

Investment  income   _jq 

Other  income  and  expenditure     V .'. 

Net  profit  before  income  taxes                                                                   $      ^'^O  $  11.721 

Income  taxes    !    !  

  $        5,508  $  6,891 

Net  profit   .  — 


Summary  of  Experience  for  the  Previous  Five  Years 


Underwriting  gain  or  loss  (  -  )  

Investment  and  other  income  

Net  increase  or  decrease  ( -  )  in  surplus . 

Dividends  to  shareholders  

Capital  or  surplus  paid  in  during  year. . 

Capital  and  surplus  at  end  of  year  

Admitted  assets  at  end  of  year  


1973 


11,250 
3,083 


249,864 
250,975 


1972 


11,721 
54 


246,781 
248,211 


1971 


9,458 
21,480 


246,727 
247,965 


1970 


-60 
9,425 
13,868 


225,247 
231,484 


1969 


-50 
5,550 
500 


211,379 
212,608 


Investment  Income  and  Expenditure 


Bonds  

Safekeeping  fees . 


Expendi- 

Income 

ture 

$  11,685 

$  425 

Net  investment  income  . 


$  11,260 


Summary  of  Bonds 


Par  Book  Market 

Value  Value  Value 


Radian  -  Federa,    ™0  ''S 

othe,..i.^s"?™  Ji»  J!® 

$280,000  $244,712  $229,125 


230 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


YORK  FIRE  &  CASUALTY  COMPANY 

1 1  bad  Office,  Thornhill,  Ont. 
President.  D.  Brycej  General  Manager,  W.  Bryce;  Secretary-Treasurer,  C.  Switzer;  Assistant  Secretary. 

c;.  F,  Hayden. 

DfrfCfOT..  -  H.  C  Annis.  D.  Bryce.  G.  F.  Hayden,  C.  Switzer  and  E.  M.  Bryce. 
Auditors.  -  Thorne  Gunn  &  Co. 

Doll      h»COr*>ro<tOll.  -  September  30,  1955.  Commenced  Business  tn  Ontario.  -  November  1,  1955. 
Provinces  in  Which  Licensed.  -  Ontario. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

COMMON 

No.           Par  Value      Amount  Total 

5  000            S         100     $  500,000  $  500,000 

Authorized                                                                          •                         —               —  ~        ;  = 

,                                                                                   1  402            $         100     $   140,200  $  140,200 

Subscribed                                                                        '                        —              —  ====== 

$   140,200  $  140,200 

Paid  in  cash  or  stock  dividend                                                                                                          —  ====== 

Contributions  to  Surplus 

  $  780 

Premium  on  capital  stock   _______ 


Comparative  Balance  Sheet 


Current  Prior 

Year  Year 

Investments: 

Short  term  deposits  and  money  market  securities                                                  $  220282  $  219,808 

Bonds  (Market  value  $191,465)                                                                                 64487  64,487 

Stocks    '.   

Summary  of  investments  (sub-total)                                                              $  453  917  $  588i576 

Cash  •                                                                                    4^488  3,939 

Investment  income  due  or  accrued                                                                                   64  024  102,035 

Amounts  due  from  agents  and  brokers                                                                             66  731  45,326 

Amounts  owing  by  reinsurers                                                                                          30',107  7,223 

Other  assets    .  — 

$  704,036  $  781,394 

Gross  assets                                                                                                6  444  11,946 

Deduct:  Assets  not  admitted    !   — 

$  697,592  $  769,448 

Total  assets  admitted                                                                          _____  - 

Liabilities 

_  _      onor                                                                        $     89,932  $  108,403 

Unearned  premiums  extended  at  80%                                                                             135  055  163,984 

Provision  for  unpaid  claims  and  adjustment  expenses                                                            '  1022 

Agents'  and  brokers'  credit  balances  1353  473 

Amounts  owing  to  reinsurers                                                                                           18  124  14,728 

Expenses  due  and  accrued     37,262 

Provision  for  income  tax  33377  44,019 

Other  liabilities   .  —   

$  278,841  $  369,891 

Total  liabilities  

Reserves  and  Equity 

Capital  and  surplus:                                                                                                $   140,200  $  140,200 

Capital  stock  -  Paid                                                                                                    780  780 

Surplus  -  Contributed                                                                                            277,771  258,577 

-  Retained  earnings   .  ■ 

$  697,592  $  769,448 

Total  liabilities,  capital  and  surplus                                                                —  ■ 


OTHER  THAN  LIFE  INSURERS  FOR  1973 


231 


York  Fire  &  Casualty  (cont'd) 

Statement  of  Retained  Earnings,  Capital  and  Surplus 


Net  profit  

Changes  in  unadmitted  le 
Refundable  dividend  tax. 

Totals  


Net  increase  

Earned  surplus  at  beginning  of  year. 


Earned  surplus  at  end  of  year . 


Balance  at  beginning  of  the  year. 
Paid  in  during  the  year  


Decreases 

Increases 

$  17,159 

5,502 

$  3,467 

$  3,467 

$  22,661 

$  19,194 
258,577 

$277,771 


Balance  at  the  end  of  the  year   $  140,200 


Capital 

Con- 
tributed 
Surplus 

$  140,200 

$  780 

$  140,200 

$  780 

Assets  Not  Admitted 

$  6  444 

Excess  of  book  value  of  stocks  over  market  value  

  $  6,444 

Total  current  year   11946 

Total  prior  year   ' 


Net  change. 


$  -5,502 


Comparative  Statement  of  Profit  and  Loss 

*  Current  Prior 

Year  Year 

XT    $  194,241  S  229,239 

Net  premiums  written   • :  •  •  •   _1R : /71  —A3  585 

Unearned  premium  and  additional  policy  reserve  adjustment   hsa»  i  4  ' 

A  $  212,712  $  272,824 

Net  premiums  earned   i7q  ?fil  186  473 

Net  losses  incurred  including  adjusting  expenses   1'°'ou  ' 

e  u  t  *  i    $  39,351  %  86,351 

Sub-Total    14,842  -38,217 

Commission  and  allowances   30  579  54,029 

General  expenses   '  '  

Underwriting  profit  or  loss  (  -  )   *   29  762  ^  28^336 

Investment  income   '   !  

Net  profit  before  income  taxes   s  2||||  $  lo%0 

Income  taxes   '   !  

  $   17,159  $  52,975 

Net  profit   ■■■ 


Summary  of  Experience  for  the  Previous  Five  Years 


1973 

1972 

1971 

1970 

1969 

Net  increase  or  decrease  (  -  )  in  surplus  

$ 

-6,070 
29,762 
19,194 

$ 

65,539 
28,336 
69,714 

$ 

-6,871 
23,194 
6,686 

$ 

18,758 
28,871 
33,166 

$ 

33,708 
22,273 
29,056 

Capital  or  surplus  paid  in  during  year  

418,751 
697,592 

399,557 
769,448 

329,843 
1,032,546 

323,157 
715,522 

289,991 
610,432 

232 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


York  Fire  &  Casualty  (cont'd) 


Expenses  Incurred 

Commissions  and  Allowances:  -       c_  „_Q 

Direct  business   5  8?'jjE? 

Reinsurance  assumed   488 

Contingent  commissions    

Sub-total  •   *  87'447 

'Reinsurance  ceded   72'605 

Total   »  14>842 

General  Expenses: 

Audit  and  legal   $  S*?50 

ES*^?"  5,732 

Misivllaneous   2  851 

faxes  -  Premium   15*566 

Management  fee    ' 


Total   j  30'579 


Investment  Income  and  Expenditure 


Bonds  

Stocks  

Amortization-discount  or  premium  on  securities. 


Expendi- 

Income 

ture 

$  14,008 

12,221 

3,059 

474 

Xet  investment  income. 


$  29,762 


Premiums  and  Claims 


Class 
of 

Insurance 

Gross  Prem's  Written 

Rein- 
surance 
Ceded 

Net 
Premiums 
Written 

Direct 

Rein- 
surance 
Assumed 

S 

113,486 
146,819 

12,662 
102,035 
14,158 

$ 

$ 

30,344 
90,971 

7,837 
63,221 
8,495 

$ 

83,142 
55,848 

4,825 
38,814 
5,663 
5,949 

Automobile  -  Liability. 

-  Personal 

accident 

-  Other  

5,949 

Totals  

389,160 

5,949 

200,868 

194,241 

Net 
Premiums 
Earned 
on  100% 

Basis 


74,437 
77,573 

6,423 
47,042 
9,117 
3,209 


217,801 


Net  Losses 
Incurred 
Including 
Adjust- 
ment 
Expenses 


42,514 
95,337 

937 
29,629 
3,563 
1,381 


173,361 


Unearned  Premiums  and  Unpaid  Claims 


Class  of  Insurance 

Unearned  Premiums 
at  Year  End 
at  100% 

Net  Provision  for 
Unpaid  Claims 
at  End  of  Year 

$ 

$ 

53,369 
28,716 
2,434 
15,528 
5,936 
6,436 

11,219 
99,890 
891 
18,615 
4,440 

112,419 

135,055 

OTHER  THAN  LIFE  INSURERS  FOR  1973 


233 


York  Fire  &  Casualty  (concl'd) 


Summary  of  Bonds  and  Stocks 

Par  Book  Market 

Value  Value  Value 

B°N  Canadian  -  Federal                                                                        $     90,000  $     87,140  $  75,845 

-  Provincial                                                                        30,000  29,887  26,125 

-Other                                                                             103,000  103,255  89,495 


$  223,000  $   220,282  $  191,465 


Stocks  * 

Preferred                                                                                                                  $  42,275  $  26,171 

Common  .V.'  i.'  ii!       ."i  i!! ....... .   22,212  31,872 

$  64,487  $  58,043 


(C) 

FRATERNAL  SOCIETIES 


[235] 


FRATERNAL  SOCIETIES  FOR  1973 


237 


CIVIL  SERVICE  MUTUAL  BENEFIT  SOCIETY 

Head  Office,  Ottawa.  Ont. 

Officers.  -  President,  F.  M.  Peters;  1st  Vice-President,  Vacant;  2nd  Vice-President,  W.  Fettes;  Secretary,  N.  J. 
Hollingsworth;  Treasurer,  A.  L.  Beeman. 
Auditor.  -  R.  P.  Morris,  C.A. 
Actuary.  -  R,  Alvin  Field,  F.C.I.A. 

Directors.  -  A.  D.  Watson,  G.  C.  Gardner,  J.  S.  Laurent,  P.  M.  Legris,  W.  Riese. 
Incorporated.  -  July  11,  1893. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Balance  Sheet 

Assets 

Bonds   $3,789,539 

Investment  income,  due  and  accrued   63,853 

Cash   11,759 

Outstanding  premiums   15,982 

Total  admitted  assets   $3,881,133 

Liabilities  and  Surplus 

Actuarial  reserve  (as  per  valuation  December  31,  1973)   $3,689,378 

Outstanding  claims  under  certificates   9,796 

Premiums  received  in  advance   1,355 

Income  taxes  payable   10,859 

Total  liabilities   $3,711,388 

Surplus   169,745 

$3,881,133 


Revenue  Account 

Income 

Premiums   $  197,263 

Investment  income   249,821 

Total  income   $  447,084 


Expenditure 

Claims  incurred  under  certificates   $  142,497 

Taxes,  licences  and  fees   210 

General  expenses   33,670 

Normal  increase  in  actuarial  reserve   194,290 

Provision  for  income  tax   40,000 


Total  expenditure   $  410,667 


Balance  carried  to  surplus  account   $  36,417 

Surplus  Account 

plus,  end  of  previous  year   $  152,228 


Increases 

Balance  carried  from  revenue  account   $  36,417 

Income  tax  adjustment   $  141 

Total  Increases   $  36,558 


Decreases 

Net  capital  loss  on  investments   $  19,041 

Total  decreases   $  19,041 

Net  increase   $  17,517 


Surplus,  end  of  current  year 


$  169,745 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 
Civil  Service  Mut.  Ben.  Soc.  (concl'd) 

Exhibit  of  General  Expenses 


Incurred 
During  Year 


  $ 

Rent    

Salaries  and  honoraria  •  

Canada  Pension  Plan  and  Unemployment  Insurance  !.'!.'!."".*! 

Auditor's  honoraria  I !  !'M~* 

Actuaries'  fees  

Other  expenses:  .  $  158 

Publicity  and  public  relations   ggQ 

P>ank  charges   2,301 

Custody  of  securities.   l  g56 

Insurance,  except  on  real  estate   '569 

Postage  and  telephone   2,793 

Printing  and  stationery   736 

Office  furniture  and  equipment     _ 

  $ 

Total  general  expenses   _ 


1,686 
19,157 
424 
1,600 
2,000 


8,803 


33,670 


Exhibit  of  Certificates  (Gross) 


Life  Insurance 
(Ontario  Only) 


Number 

Amount 

12,447 
167 

$ 

10,929,974 
256,500 
341,435 
1,000 

New  bonus  additions  

1 

12,615 

11,528,909 

Less  ceased  by: 

159 

34 

89,350 
29,250 
28,500 
2,220 

Decreases  

22 

215 

149,320 

12,400 

11,379,589 

Actuarial  Valuation,  December  31,  1973 

...  $4,717,929 

Capitalized  value  of  benefits                                                                                                          _  1,259,865 

Capitalized  value  of  bonuses   

  $5,977,794 

Total  

tt  .  $2,876,955 

CaDitalized  value  of  future  premiums  •  •   •  •  

LeTs (a) tcaStalized  value  of  7*.  per  month  out  of  future  premiums  for  each 
$250  of  benefit,  issued  1956  and  earlier,  including  a  like  amount  for 
fully  paid-up  benefits  .......  v  ..... . . ._. .  ;_1L •      —  •  $14d,7SZ 


(b)  Capitalized  value  of  4*.  per  month  out  of  future  premiums  for  each 
$250  of  benefit  issued  after  1956,  including  a  like  amount  for  fully 
paid-up  benefits  ($187,191 .  together  with  8%  of  the  capitalized  value 
of  those  future  premiums  ($164,266) 


2,381,716 

Capitalized  value  (approximate)  of  future  net  premiums    _ 

...  $3,596,078 

Net  premium  reserve  (approximate) . .  .   •  •  •  •  •  •  •  V  . .  10,000 

KKe*^  83,00 

the  Annual  Meeting    

. . .  $3,689,378 

Total  of  actuarial  reserves   ■ 


FRATERNAL  SOCIETIES  FOR  1973 


239 


THE  FUNERAL  SOCIETY  OF  ONTARIO 

Head  Office,  Toronto,  Ont. 

Officers.  -  President,  D.  C.  Kay,  Jr.;  1st  Vice-President,  R.  B.  Ingram;  2nd  Vice-President,  T.  Morrison;  Secretary, 
P.  Marlatt. 

Directors.  -  T.  L.  Morrison,  D.  C.  Kay,  Jr.,  R.  B.  Ingram,  I.  L.  Brown,  T.  A.  Humphrey,  V.  R.  E.  Perry.  L.  Kelly, 
I  J.  F.  Kosalle,  J.  W.  Duffy,  H.  Rath,  D.  H.  Jeans  and  P.  Marlatt. 
Auditors.  -  Cossar,  Hector,  Payne  &  Co. 
Actuary.  -  J.  B.  Patterson,  F.S.A.,  F.C.I.A. 
Incorporated.  -  December  27,  1961. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Balance  Sheet 

Assets 


Total 

Life 
Insurance 

and 
Annuity 
Funds 

General 
Expense 
Fund 

$ 

120,075 
66,517 
79,975 

178,926 
27,389 
3,986 

$ 

120,075 
66,517 
79,975 

178,926 
4,046 

$ 

Stocks  

Deposits  with  trust  companies  

Cash  

Investment  income,  due  and  accrued  

Total  admitted  assets  

23,343 
3,986 

476,868 

449,539 

27,329 

Liabilities  and  Surplus 

Total 

Life 
Insurance 

and 
Annuity 
Funds 

General 
Expense 
Fund 

$ 

449,539 
2,407 
4,500 

$ 

449,539 

$ 

2,407 
4,500 

Total  liabilities  

456,446 
495 
19,927 

449,539 

6,907 
495 
19,927 

Surplus  

476,868 

449,539 

27,329 

Revenue  Account 

Total 

Life 
Insurance 

and 
Annuity 
Funds 

General 
Expense 
Fund 

INCOME 

Premiums,  contributions  and  dues  

$ 

154,146 
27,098 

$ 

154,146 

$ 

Investment  income  

27,098 

Total  income  

EXPENDITURE 
Claims  incurred  under  certificates  

181,244 

154,146 

27,098 

61,615 
11,010 
110 
105.311 

61,615 

General  expenses  

11,010 
110 
12,780 

Taxes,  licences  and  fees  

92,531 

178,046 

154,146 

23,900 

3,198 

3,198 

240 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Funeral  Society  of  Ontario  (cont'd) 

Surplus  Account 

  $  14,202 


Increases 

$  3,198 

$  7,689 

Decreases 

$  1,964 

$  5,725 

$   19  927 

Premiums,  Contributions  and  Dues 

Total 

Life 
Insurance 

and 
Annuity 
Funds 

General 
Expense 
Fund 

$ 

$ 

$ 

Net  of  reinsurance  ceded: 

154,146 

154,146 

Exhibit  of  General  Expenses 


General  Expense  Fund 

Incurred 
During  Year 

Due  and 
Accrued  at 
End  of  Year 

SALARIES,  WAGES  AND  ALLOWANCES 

$ 

6,600 

$ 

6,600 

PROFESSIONAL  AND  SERVICE  FEES  AND  EXPENSES 

200 
1,125 
1,807 

600 
1,807 

220 
3,352 

2,407 

MISCELLANEOUS  EXPENSES 

195 
8 
168 

437 
250 

1,058 

11,010 

2,407 

FRATERNAL  SOCIETIES  FOR  1973 


241 


Funeral  Society  of  Ontario  (concl'd) 


Exhibit  of  Certificates  (Gross) 


Life  Insurance 

Number 

Amount 

Less  ceased  by: 

524 
193 

$ 

345,702 
154,146 

717 

499,848 

80 

56,125 

80 

56,125 

637 

443,723 

Actuary's  Valuation  Balance  Sheet,  December  31,  1973 
Assets 

Total  admitted  assets   $  449,539 


Liabilities 

Actuarial  reserves: 

Gross                                                                                                                                   6  468,716 

Ceded   21,911 

$  446,805 

Contingency  reserve   2,734 

$  449,539 


Valuation  Basis — Individual  Membership  Fund 

In  the  case  of  where  insurance  was  reinsured  by  payment  of  a  single  premium  to  the  reinsurer,  the  insurance  was 
valued  according  to  1958  C.S.O.  Table  of  Mortality  and  3J^%  interest,  the  same  basis  as  used  by  the  reinsuring  com- 
pany, so  that  the  net  reserve  held  by  the  Society  is  zero. 

In  addition,  in  the  case  of  members,  other  than  funeral  directors,  where  insurance  was  reinsured  or  is  to  be  rein- 
sured by  payment  of  a  single  premium  to  the  reinsurer,  a  contingency  reserve  to  allow  for  possible  inflation  in  the  cost 
of  funerals  of  20%  of  the  total  amount  of  insurance  coverage,  excluding  cash  disbursement  coverage,  was  held. 

In  the  case  of  amounts  of  insurance  not  reinsured,  the  insurance  was  valued  according  to  the  "Funeral  Society 
of  Ontario  Mortality  Table"  and  3%%  interest,  a  copy  of  which  was  attached  to  the  1962  Valuation  Report. 

All  reserves  were  calculated  at  the  Age  Nearest  Birthday  as  at  December  31,  1973. 


Valuation  Basis — Group  Membership  Fund 

The  actuarial  reserves  held  December  31,  1973  to  cover  the  Group  Membership  Fund  were  the  full  amount  of 
the  premiums  increased  by  29.0%  interest  for  entrants  of  1962,  by  27.0%  interest  for  entrants  of  1963,  by  25.0% 
interest  for  entrants  of  January  1,  1964  to  June  30,  1964,  bv  24.0%  interest  for  entrants  of  July  1,  1964  to  June  30, 
1965,  by  23.0%  interest  for  entrants  July  1,  1965  to  June  30.  1966  by  22.0%  interest  for  entrants  of  July  1,  1966  to 
June  30,  1967,  by  21.0%  interest  for  entrants  of  July  1,  1967  to  June  30,  1968,  by  20.0%  interest  for  entrants  of  July 
1,  1968  to  June  30,  1969,  by  16.4%  interest  for  entrants  of  July  1,  1969  to  June  30,  1970,  by  12.8%  interest  for  entrants 
of  July  1,  1970  to  June  30,  1971,  by  9.2%  interest  for  entrants  of  July  1,  1971  to  June  30,  1972,  by  7.33%  interest 
for  entrants  of  July  1,  1972  to  December  31,  1972,  by  5.23%  interest  for  entrants  of  January  1,  1973  to  June  30,  1973 
and  by  3.17%  interest  for  entrants  of  July  1,  1973  to  December  31,  1973  and  decreased  by  any  death  or  surrender 
value  paid. 


242 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


METROPOLITAN  TORONTO  POLICE  WIDOWS 
AND  ORPHANS  FUND 

Head  Office,  Toronto,  Ont. 

OJutri     Chairman,  T.  Cooke;  Vice-Chairman,  R.  White;  Secretary,  J.  Crilly;  Treasurer,  T.  Osborne. 

S.  Bro*  n.  R.  M.  Gibson.  A.  Keay,  R.  White,  J.  J.  Crilly,  C.Webb,  H.  Ferguson,  T.  Cooke,  T.Osborne. 
Auditors.  -  Touche  Ross  &  Co. 
Actuary.  -  Micro  Sec  Sixty-nine  Ltd. 
Incorporated.  -  May  19.  1952. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Balance  Sheet 

„     ,    $1,386,811 

H,mys !    123.610 

Mortgages     103,082 

Lash  •   q  775 

Outstanding  premiums,  contributions  and  dues   28  912 

Investment  income,  due  and  accrued     ' 

Total  admitted  assets   $1,949,700 

Liabilities 

Actuarial  reserve  (as  per  valuation  December  31  1 970 1)— Retired  members   $  712  000 

Outstanding  claims  under  certificates   1  '"Vq 

General  expenses,  due  and  accrued   i  21^  017 

Active  members'  stabilization  fund   _______ 

Total  liabilities   $1.949,700 


Revenue  Account 

Income 

Premiums,  contributions  and  dues   *  120  837 

Investment  income  earned   5'065 

Donations  in  appreciation  for  police  services    on'noo 

Donations  from  Metropolitan  Toronto  Police  Amateur  Athletic  Association   au.uuu 

Total  income   *  341'508 

Expenditure 

*   127  200 

Claims  incurred  under  certificates   *  '2iq 

Taxes,  licences  and  fees   g  Qgg 

General  expenses    ' 

.  $  135,508 

Total  expenditure   _ 

206,000 


Balance  carried  to  active  members'  stabilization  fund  


Active  Members'  Stabilization  Fund 

,   ,    $1,011,230 

Balance,  end  of  previous  year   *2q6  000 

Balance  carried  from  revenue  account    ' 

1,217,230 
2  213 

Less  net  capital  loss  on  investments   \  

SI  21  017 

Balance,  end  of  current  year   <,1-"1U|"  _ 


FRATERNAL  SOCIETIES  FOR  1973 


243 


Metro.  Toronto  Police  Widows  and  Orphans  Fund  (concl'd) 


Exhibit  of  General  Expenses 


General  Expense  Fund 


Incurred 
During  Year 


Due  and 
Accrued  at 
End  of  Year 


Employees'  salaries  and  wages. . 

Auditors'  fees  

Consultant's  fees  

Custody  of  securities  

[insurance,  except  on  real  estate. 

Travelling  expenses  

Data  processing  

Commissions  on  mortgages  

Brokers'  fees  

Minting  and  stationery  


Total  general  expenses. 


750 
800 
1,950 
625 
766 
249 
178 
1,494 
1,238 
48 


150 


5,098 


150 


Exhibit  of  Certificates  (Gross) 


Life  Insurance 
(Ontario  Only) 

Number 

Amount 

L.es3  ceased  by: 

4,824 
823 

$ 

54,471.907 
9,860,280 

5,647 

64,332,187 

25 
302 

127,200 
3,612,720 
193,627 

327 

3,933,547 

5,320 

60,398,640 

fActuary's  Valuation  Balance  Sheet,  December  31,  1970 

Assets 

securities  (m.v.  $1.136,872)   $1,361,691 

Accrued  interest  on  securities   16,729 

vlort gages  receivable   98,157 

[Membership  fees  receivable   1,718 

Miscellaneous  assets   369 

:ash   159.675 


Total  assets. 


$1,638,339 


Liabilities 


Active  members'  stabilization  fund. 

letired  members'  reserve  , 

Outstanding  death  claims  

Accounts  payable  


Total  liabilities. 


$  897.986 
722.533 
17.485 
335 

$1,638,339 


Basis  of  Evaluation 

It  was  assumed  that  the  fund  would  produce  a  net  investment  yield  of  4%  per  annum.  Mortality  was  assumed 
o  be  in  accordance  with  the  a(55)  tables  with  members'  ages  being  rated  up  two  years,  except  for  retired  members 
inder  age  58  for  whom  an  impaired  mortality  was  assumed.  The  full  reserve  is  held  for  payment  of  the  basic  death 
>enefit  in  respect  of  members  who  have  retired.  The  active  members  stabilization  fund  is  maintained  at  a  level  to 
ssure  a  reasonable  stability  of  required  dues  from  members. 


244 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


ONTARIO  SECONDARY  SCHOOL  TEACHERS' 
FRATERNAL  SOCIETY 

Head  Office,  Toronto,  Ont. 

l  I  JUtrs.  Chairman,  K.  F.  Shore;  Vice-Chairman,  C.  D.  Weather  head;  Secretary-Treasurer,  O.  S.  Hall,  Assistant 
to  the  Treasurer,  D.  M.  Eaton. 

I  tfrttfore.  -  EC  F.  Shore.  P.  Morgan.  O.  S.  Hall,  J.  Allen,  C.  D.  Weatherhead,  R.  Mackintosh. 
Auditors.  -  MacGillivray  &  Co. 

Actuaries.    N.  E.  Sheppard,  F.I.A.,  F.C.I.A.,  and  D.  C.  Baillie.  A.S.A.,  F.C.I.A. 
Incorporated.  -  July  21,  1939. 


Statement  of  Affairs  for  the  Year  Ended  September  30,  1973* 
Balance  Sheet 


Assets 


Total 

Life 
Insurance 
Fund 

General 
Expense 
Fund 

$ 

1.094,664 
253,921 
194.917 
25,494 
5,242 

$ 

1,094,664 
253,921 
182,970 
25,494 
5,242 

$ 

11,947 

1,574,238 

1,562,291 

11,947 

Liabilities  and  Surplus 

Total 

Life 
Insurance 
Fund 

General 
Expense 
Fund 

$ 

1,122,600 
165,400 
4,927 

$ 

1,122.600 
165,400 
724 

$ 

4,203 

1,292,927 
39,800 
241,511 

1,288,724 
39,800 
233,767 

4,203 

7,744 

1,574,238 

1,562,291 

11,947 

Revenue  Account 


Total 

Life 
Insurance 
Fund 

General 
Expense 
Fund 

INCOME 

$ 

186,763 
80,507 

$ 

168.087 
80.507 

$ 

18,676 

267,270 

248,594 

18,676 

EXPENDITURE 

192,400 
18,695 
177,930 

192,400 
177,930 

18,695 

9,585 
398,610 

9,585 
379,915 

18,695 

— 181,340 

—131,321 

—19 

FRATERNAL  SOCIETIES  FOR  1973 


245 


Ontario  Secondary  School  Teachers'  Frat.  Soc.  (cont'd) 


Surplus  Account 


Total 

Life 
Insurance 
Fund 

General 
Expense 
Fund 

$ 

403,812 

$ 

396,049 

$ 

7.763 

INCREASES 

8,839 

8,839 

8,839 

8,839 

DECREASES 

131,340 
39,800 

131,321 
39,800 

19 

171,140 

171,121 

19 

—162,801 

—19 

241,511 

233,767 

7,744 

Exhibit  of  General  Expenses 

General  Expense  Fund 

Incurred 
During  Year 

Due  and 
Accrued  at 
End  of  Year 

$ 

1,100 
229 
647 
16,719 

$ 

4,203 

18,695 

4,203 

*  In  accordance  with  Section  319  of  The  Insurance  Act  the  Superintendent  may  accept  statements  compiled  at 
other  than  the  calendar  year-end  if  the  Society's  by-laws  provide  for  a  fiscal  year  other  than  the  calendar  year. 

t  Administration  fee  of  9%  of  annual  premium  income  charged  by  Ontario  Secondary  School  Teachers'  Federation. 

Exhibit  of  Certificates  (Gross) 

Life  Insurance 

Number 

Amount 

2,260 
228 
2 

$ 

23,380,800 
3,286,800 
18,000 
247,200 
4,213,400 

2,490 

31,146,200 

Less  ceased  by: 

10 
21 
55 
77 
8 

86,400 
72,000 
655,200 
758,400 
80,400 

171 

1,652,400 

2,319 

29,493,800 

246 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Ontario  Secondary  School  Teachers'  Frat.  Soc.  (concl'd) 


Actuaries'  Valuation  Balance  Sheet,  September  30,  1973 

Assets 

r.ish  oa  band  and  on  deposit   $  84,920 

Short-term  cash  deposits   qIo'cqa 

Book  >  !    of  securities   •  „?*^?x 

Accrued  interest   25,490 

Income  taxes  refundable   %'vKn 

1  ess    assets  of  general  expense  fund   —7,750 

Total   $1,566,490 


Liabilities 

Value  of  future  claims  under: 

S29.090.600  insurance  with  step-up  premiums   $4,289,940 

<      UKV-tH)  insurance  with  level  premiums                                                                              62,130  $4,352,070 

Less  value  of  90°^  of  future  premiums  for: 

129,090,600  insurance  with  step-up  premiums   $3,195,030 

S     403,200  insurance  with  level  premiums                                                                          34,440  $3,229,470 

Net  actuarial  reserve  for  certificates  in  force   *1,}«c,Ann 

Claims  pavable  and  in  course  of  settlement   ^onn 

;  due  Ontario  Secondary  School  Teachers'  Federation   *'ZM 


Kstimated  liability  for  income  taxes. 


720 


Investment  reserve  (excess  book  over  market)   off'fwi 

Surplus   233,770 

Total   $1,566,490 


Basis  of  Valuation 

The  basis  of  the  above  valuation  was  the  1958  CSO  Table  of  Mortality  with  3%  interest  and  it  was  assumed  that 
90%  of  future  premiums  would  be  allocated  to  the  Mortuary  Fund. 

The  rate  of  interest  earned  was  5.53%  and  the  rate  of  actual  to  expected  claims  during  1973  was  88.8%. 
Valuation  was  compiled  by  N.  E.  Sheppard,  F.I.A.,  F.C.I.A.,  and  D.C.  Baillie.  A.S.A.,  F.C.I.A. 


FRATERNAL  SOCIETIES  FOR  1973 


247 


THE  ONTARIO  SECONDARY  SCHOOL  TEACHERS' 
SICK  BENEFIT  SOCIETY 

Head  Office,  Toronto,  Ont. 

Officers.  -  Chairman,  F.  French;  Vice-Chairman ,  J.  Kelly;  Secretary,  I.  Cowie;  Treasurer,  Miss  B.  Morley. 
Directors.  -  F.  French,  J.  Kelly,  I.  Cowie,  K.  Turner,  Miss  B.  Morley,  Mrs.  M.  Gamblin. 
Auditors.  -  MacGillivray  &  Co. 
Incorporated.  -  December  1,  1967. 

Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Balance  Sheet 

Assets 


nds  

|  >cks  

posit  Receipts  

/estment  income,  due  and  accrued. 


Total  admitted  assets   * 

Liabilities  and  Surplus 


neral  expenses,  due  and  accrued, 
nk  overdraft  


vestment  reserve, 
rplus  


Revenue  Account 

Income 


;miums,  dues  

vestment  income  earned . 


Expenditure 


lims  incurred .  . 
aeral  expenses . 


Total  expenditure   *  310,712 

Balance  carried  to  surplus  account   $ 

Surplus  Account 


Increases 


Decreases 


vestment  reserve  adjustment. 


Total  decreases   $ 


'  rplus,  end  of  current 


• 

A  on  OQQ 

2,500 

185,000 

$ 

689,038 

$ 

42,189 

12*,028 

5.452 

$ 

59,669 

51,667 

577,702 

% 

291,944 

44,145 

$ 

336,089 

$ 

284,095 

26,617 

$ 

310,712 

s 

25,377 

% 

568,702 

$ 

25,377 

$ 

25,377 

16,377 

$ 

16,377 

$ 

9,000 

% 

577,702 

Exhibit  of  General  Expenses 


General  Expense  Fund 


Incurred 
During  Year 


Due  and 
Accrued  at 
End  of  Year 


jjministration  feef. 


scellaneous. 

Total  general  expenses. 


26,275 
342 


S 

12.028 


26,617 


12,028 


tAdministration  fee  of  9%  of  annual  premium  income  charged  by  Ontario  Secondary  School  Teachers'  Federation. 


248 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Ontario  Secondary  School  Teachers'  Sick  Ben.  Soc.  (concPd) 

Exhibit  of  Certificates  (Gross) 

NUMRER 

.Wll>!  N  l  AND  SK  KM'SS.  On  r.\Rio  only: 

8,815 
373 
113 

9,301 

Less  ceased  by: 

13 

46 

121 

705 

885 

8,416 

FRATERNAL  SOCIETIES  FOR  1973 


249 


UNION  OF  CANADA  LIFE  INSURANCE 

Head  Office.  Ottawa,  Ont. 
Officers.  -  President,  A.  Arvisais;  Vice-President,  G.  Perrault;  Secretary,  F.  Carriere;  Treasurer,  J.  M.  St.-Georges, 

:.a. 

Directors.  -  G.  Gingues,  P.  Proulx,  A.  Arvisais,  R.  Otis,  P.  A.  Levesque.  R.  Cote,  P.  Raymond,  L.  P.  Cecile, 
h.  Perrault.  M.  Noel  de  Tilly. 

Auditor.  -  J.  P.  Marchand,  C.A. 
Actuary.  -  M.  Fernet.  F.S.A.,  F.I. C.A. 
Incorporated.  -  June,  1864. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Balance  Sheet 

Assets 

3onds   $  | 

Mortgage  loans  on  real  estate   ° 

leal  estate  not  under  agreement  of  sale,  less  encumbrances   ^ 

Certificate  loans  and  liens  

Cash  

nvestment  income,  due  and  accrued  

)utstanding  premiums,  contributions  and  dues  

)ther  assets  

Total  admitted  assets   $19 


,178,986 
,924,843 
,924,982 
860,023 
442,075 
169,339 
42,406 
12,747 

,555,401 


Liabilities  and  Surplus 


Total 


Life 
Insurance 

AND 

Annuity 
Funds 


Accident 

and 
Sickness 
Funds 


Teacher- 
Student 
Fund 


Fraternal 
Fund 


Actuarial  reserve  (as  per  valuation  December  31,  1973) 

Amounts  on  deposit  pertaining  to  certificates  

'rovision  for  dividends  to  members  payable  in  the  fol- 
lowing year  

)utstanding  claims  under  certificates  

'remiums,  contributions  and  dues  received  in  advance. . 

)ther  certificate  liabilities  

faxes,  licenses  and  fees,  due  and  accrued  

General  expenses  due  and  accrued  

Amounts  received  but  not  yet  allocated  

)ther  accounts  payable  

Total  liabilities  

leserve  for  investments  

Surplus  


15,816,489 
770,234 

160,000 
173,659 
39,585 
6,752 
43,000 
27,149 
14,464 
48,515 


15,559,678 
770,234 

159,000 
157,810 
39,585 
6,752 
43,000 
27,149 
14,464 
48,515 


82,477 


1,000 


174,334 


15,849 


17,099,847 
31,117 
2,424,437 


16,826,187 
31,117 
1,563,612 


83,477 
258j823 


190,183 
'5181661 


19,555,401 


18,420,916 


342,300 


708,844 


83,341 


83,341 


250 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


Union  of  Canada  Life  Insurance  (cont'd) 


Revenue  Account 


INCOME 

Premiums,  contributions  and  dues  

Investment  income  

Total  income  

EXPENDITURE 

Claims  incurred  under  certificates  

Taxes,  licenses  and  fees   •  •  • 

Commissions  on  premiums,  contributions  and  dues 

General  expenses  •  •  •  •  •  • 

Payments  t'rom  Fraternal  and  Staff  Benefit  Funds. 

Dividends  to  members  

Normal  increase  in  actuarial  reserves  

Total  expenditure  

Balance  carried  to  surplus  account.  . 


Total 


2,642,479 
1,081,264 


3,723,743 


1,357,643 
43,241 
503,463 
1,052,847 
8,021 
168,534 
644,773 


Life 

Insurance 

AND 

Annuity 
Funds 


2,373,129 
1,021,362 


3,394,491 


Accident 

and 
Sickness 
Funds 


8,139 
20,111 


28,250 


3,778,522 


-54J79 


1,258,866 
39,741 
473,081 
999,934 

""167356 
629,834 


3,569,312 


-174,821 


7,694 
3^500 


078 
-9,471 


Teacher- 
Student 
Fund 


Fraternal 
Fund 


258,272 
34,709 


292,981 


91,083 
3,500 
30,382 
49,413 


24,410 


2,401 


25,849 


198,788 


94,193 


Surplus  Account 


Total 

Life 
Insurance 

AND 

Annuity 
Funds 

Accident 

AND 

Sickness 
Funds 

Teacher- 
Student 
Fund 

Fraternal 
Fund 

INCREASES 

8 

2,483,077 

1,758 
32,917 

$ 

1,739,523 

1,758 
32,269 

% 

232,328 
648 

$ 

427,887 

$ 

83,341 

34,675 

34,027 

648 

DECREASES 

54,779 
38,536 

174,821 
35,117 

— 25,849 

—94,193 
3,419 

93,315 

209,938 

—25,849 

—90,774 

— 68,640 

—175,911 

26,497 

90,774 

Surplus,  end  of  current  year  

2,424,437 

1,563,612 

258,823 

518,661 

83.341 

Premiums,  Contributions  and  Dues 


Total 

Life 
Insurance 

AND 

Annuity 
Funds 

Accident 

and 
Sickness 
Funds 

Teacher- 
Student 
Fund 

Fraternal 
Fund 

$ 

594,584 
2,047,895 

$ 

336,312 
2,036,817 

S 

8,139 

$ 

258.272 

$ 

2,939 

2,642,479 

2,373,129 

8,139 

258,272 

2,939 

FRATERNAL  SOCIETIES  FOR  1973 


251 


Jnion  of  Canada  Life  Insurance  (cont'd) 

Exhibit  of  General  Expenses 


RENT 


lead  office  

Mstrict  offices. 


Totals. 


Employees  

Mrectors'  fees  and  expenses, 
kgents'  expense  allowances. . 
gents'  courses  


Totals. 


•ension  and  insurance  funds  for  employees. 

Jnemployment  insurance  

Jroup-Life-Health-Income  insurance  


Totals. 


^gal  

dedical  examination . 
nspection  report .... 

auditors  

actuaries  


Totals. 


MISCELLANEOUS  EXPENSES 


idvertising  

Collection  and  bank  charges  

nsurance,  except  on  real  estate  

'ostage,  telegraph,  telephone,  express  

'rinting  and  stationery  

)ffice  furniture  (depreciation  and  maintenance)  

lental  of  equipment  

'ravelling  expenses  

district  offices'  operating  expenses  

looks  and  periodicals  and  office  supplies  

Miscellaneous  

expenses  applicable  to  sickness  and  teacher-student  funds. 


Totals. 


Total  general  expenses. 


SALARIES,  WAGES  AND  ALLOWANCES 


CONTRIBUTIONS  TO  EMPLOYEES'  AND  AGENTS'  WELFARE 


PROFESSIONAL  AND  SERVICE  FEES  AND  EXPENSES 


General  Expense  Fund 


Incurred 
During  Year 


48,000 
23,578 


71,578 


513,277 
21,547 
19,577 
13,807 


568,208 


63,223 
8,741 
35,416 


107,380 


453 
9,360 

13,106 
7,600 

20,500 


51,019 


23,487 
29 

3,726 
33,245 
18,576 
35,602 
37,508 
10,138 
18,020 
12,828 

8,590 
52,913 


254,662 


1,052,847 


252 


AN  M  AI.  RKPORT  —  SUPERINTENDENT  OF  INSURANCE 


Union  of  Canada  Life  Insurance  (cont'd) 


Exhibit  of  Certificates  (Gross) 


Life  Insurance  and  Annuity  Funds 

Accident  and 
Sickness 

Ontario  Only 

Total 

No. 

Amount 

No. 

Amount 

In 
Ontario 

Total 

In  force,  beginning  of  year  

10,196 
264 
545 

$ 

24,348,770 
3,144,980 
2,371,672 

50,947 
2,902 
5,231 

$ 

119,948,361 
20,785,677 
11,316,209 

423 

1,210 

11,005 

29,865,422 

59,080 

152,050,247 

423 

1,210 

Less  ceased  by: 

45 
171 
122 
145 
2,086 

78,284 
220,714 
471,522 
1,233,128 
1,611,200 

279 
642 
745 
1,646 
4,663 

379,527 
731,158 
1,599,313 
8,208,977 
9,146,234 

All  otber  deductions  

228 

271 

2,569 

3,614,848 

7,975 

20,065,209 

228 

271 

In  force,  end  of  year.  . . 

8,436 

26,250,574 

51,105 

131,985,038 

195 

939 

Statement  of  Actuarial  Liabilities 

LIFE  INSURANCE  SECTION 


Basis  of  Evaluation 


Mortality  Interest 


AM  (5) 


CSO-58 


NFC 


A24-29 


sy2% 


3^% 


3H% 


3K% 


Method 


P.U. 

CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 


P.U. 

CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 


P.U. 
CAN 
CAN 
CAN 
CAN 
P.U. 


CAN 


Description  of 
Valuation  Class 


Reinsurance  Ceded 


Paid-up  life  

10  payment  life  

20  payment  life  

Life  to  age  60  

Life  to  age  65  

Life  to  age  75  

Family  plan  (husband) 
Whole  life  

Total  life  on  AM  (5) . . 

Paid-up  life  

10  payment  life  

15  payment  life  

20  payment  life  

25  payment  life  

30  payment  life  

Life  to  age  50  

Life  to  age  60  

Life  to  age  65  

Life  to  age  70  

Life  to  age  85  

Whole  life  

Total  life  on  CSO  58.. 

Paid-up  life  

Life  to  age  75  

Whole  life  

End.  30  payment  

Annuity  at  70  years..  . 
Paid-up  end  

Total  NFC  

Whole  life  

Total  A24-29  


FRATERNAL  SOCIETIES  FOR  1973 


253 


Jnion  of  Canada  Life  Insurance  (cont'd) 


LIFE  INSURANCE  SECTION 


Basis  of  Evaluation 


Mortality  Interest 


AM  (5) 


COS  58 


am:(5) 


3K% 


3H% 


3^% 


Method 


can 

CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
NLP 


CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
NLP 
CAN 


NLP 

CAN 

CAN 

CAN 

CAN 

CAN 

CAN 

CAN 

XA  pri 

NLP 

NLP 

NLP 

NLP 

NLP 


Description  of 
Valuation  Class 


End.  at  16  years  

End.  at  18  years  

End.  20  payments.  . 

End.  at  31  years  

End.  25  payments.  . 
End.  30  payments.  . 

End.  at  65  years  

End.  at  70  years  

Ret.  Income  at  65  y. 
Paid-up  end  

End.  Total  AM  (5).. 

End.  10  payment. . . 
End.  15  payment. . . 

End.  at  18  years  

End.  20  payment. . . 

End.  at  21  years  

End.  25  payment. . . 
End.  30  payment. . . 

End.  at  50  years  

End.  at  55  years  

End.  at  60  years  

End.  at  65  years  

End.  at  70  years  

End.  at  85  years  

Paid-up  end  

Ret.  Income  at  65  y. 

End.  Total  CSO  58. 


Int.  Insurance  

Term  10  years  

Term  20  years  

Term  to  age  30  

Term  to  age  60  

Y2  Life  +  Y%  term  at  65 

Life  to  age  65  

Term  to  age  20  

Term  on  children  

Family  income  10  y. .  .  . 
Family  income  15  y..  .  . 
Family  income  20  y. .  . . 

Fam.  Inc.  to  60  y  

Fam.  Inc.  to  65  y  

Total  Term  &  Family 
riders  


Gross  in  Force 


Amount 


20,682 
283,093 
1,232,149 
85,035 
120,500 
1,337,500 
3,546,038 
61,000 
677,140 
28,036 


7,391,173 


194,193 
109,197 
55,519 
770,888 
29,414 
105,200 
87,000 
83,000 
118,159 
131,500 
3,464,706 
13,700 
2,000 
5,681 
6,182,596 


11,352,753 


5,000 
117,000 
466,500 
5,041,000 
402,500 
60,500 
3,921,941 
1,335,500 
4,404,251 
42,299 
145,502 
3,182,024 
661,536 
471,071 


20,256,624 


Reserve 


15,069 
176,663 
803,975 

47,496 

76,079 
825,433 
1,237,165 

25,805 
399,045 

21,959 


3,628,689 


84,818 
27,143 
15,113 
119,729 
4,211 
11,949 
8,552 
4,948 
7,240 
5,573 
174,236 
1,460 
83 
4,862 
285,596 


755,513 


7 

912 
15,870 
11,090 
16,244 
12,191 
400,011 
3,966 
10,784 
121 
568 
7,029 
1,794 
4,076 


484,663 


Reinsurance  Ceded 


Amount 


123,504 


1,379,201 


1,502,705 


Reserve 


329 


2,324 


2,653 


254 


ANNUAL  RK PORT— SUPERINTENDENT  OF  INSURANCE 


Union  of  Canada  Life  insurance  (cont'd) 


LIFE  INSURANCE  SECTION 


Hams  OF  Evaluation 


Mortality  [ntb&bsi 


i  SO  58 


3Vv 


Mi-  i  iion 


C  w 

CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
CAN 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 
NLP 


Description  of 
Valuation  Class 


Term  5  years  

Term  10  years  

Term  15  years  

Term  20  years  

Term  30  years  

Term  50  years  

Term  55  years  

Term  60  years  

Term  65  years  

Deer,  term  10  years. . 
Deer,  term  11  years. . 
Deer,  term  12  years.. 
Deer,  term  13  years. . 
Deer,  term  14  years. . 
Deer,  term  15  years. . 
Deer,  term  16  years. . 
Deer,  term  17  years. . 
Deer,  term  18  years. . 
Deer,  term  19  years. . 
Deer,  term  20  years. . 
Deer,  term  21  years. . 
Deer,  term  22  years. . 
Deer,  term  23  years. . 
Deer,  term  24  years. . 
Deer,  term  25  years. . 
Deer,  term  26  years. . 
Deer,  term  28  years. . 
Deer,  term  29  years. 
Deer,  term  30  years. 

Family  Inc.  10  y  

Family  Inc.  15  y  

Family  Inc.  20  y  

Fam.  Inc.  to  age  60. 
Fam.  Inc.  to  age  65. 
Reinsurance  on  term 

Total  Terms  


Gross  in  Force 


Amount 


Disability  Waiver 

Actives  lives  

Disabled  lives  

Acc.  Death  &  Dismemb. 
Death  of  contr.  waiv  

Active  lives  

Waived  

Guaranteed  insurab..  .  . 

Extra-premiums  

Non  deduction  on  frac. 

pr.  at  death  

Imm.  paym.  of  claims. . 
Contingencies  


Total  Riders.  , 
Total  (Ordinary) . 


Group  Insurance. 
Total  Life  


995,500 
1,443,800 
241,000 
751,604 
20,000 
40,000 
55,000 
95,942 
286,627 
841,148 
13,504 
73,616 
78,158 
115,885 
821,710 
103,448 
164,804 
132,560 
17,249 
1,409,201 
141,686 
25,219 
91,815 
83,828 
1,373,625 
8,776 
25,704 
18,743 
242,741 
415,583 
939,662 
6,879,282 
758,142 
1.029.066 


Reserve 


19,734,628 


129,708,952 


2,265,000 


131,973,952 


3,674 
5,390 
1,244 
7,360 
53 
121 
120 
439 
2,178 
1,609 
76 
190 
328 
289 
1,415 
233 
572 
368 
63 
2,669 
645 
103 
309 
188 
3,550 
77 
106 
22 
1,177 
809 
1,484 
9,263 
2,088 
5,357 


Reinsurance  Ceded 


Amount 


Reserve 


53,569 


96,677 
46,855 
86,167 

2,534 
44,167 
7,161 
3,086 

28,540 
186,997 
50,765 


8,018,632 


8,018,632 


17,034 


17,034 


552,949 


15,846,818 


15,846,818 


14,019,749 


2,265,000 


16,284,749 


33,321 


33,321 


FRATERNAL  SOCIETIES  FOR  1973 


255 


Jnion  of  Canada  Life  Insurance  (cont'd) 


ANNUITY  SECTION 


Basis  of  Evaluation 

Description  of  Valuation  Class 

Gross  i 

s  Force 

Mortality 

Interest 

Method 

Annual 
Payment 

Reserve 

NO 
a-1949 
a- 1949 

3H% 
3M% 

ACC. 

$ 

122,323 
240 
610 

$ 

131,147 
2,650 
6,907 

123,173 

140,704 

SUMMARY  OF  RESERVE 


Participating 

Non- 
participating 

Leserve  for  policies  and  contracts  in  force: 

$ 

15,846,818 

$ 

140,704 

15,987,522 

)educt  reserve  for  reinsured  contracts: 

33,321 

33,321 

15,954,201 

)educt  deferred  life  insurance  premiums  and  annuity  considerations  le 

ss loading. . . . 

394,523 

15,559,678 

ANNUAL  REPORT— SUPERINTENDENT  OF  INSURANCE 


Union  of  Canada  Life  Insurance  (concl'd) 


Actuarial  Liabilities 

INSURANCE  AND  ANNUITY  CONTRACTS  VALUATION 

rhe  commutation  functions  used  were  based  on  age  at  nearest  birthday. 
Kxtra  mortality:  reserve  equal  to  half  extra  premiums  (net  of  reinsurance) 

W  r.r.sr  of  premiums  in  case  of  disability  (active  lives) 

Reserve  IS  on  net  level  premium  basis  and  is  computed  at  central  point  of  5  year  age  and  duration  groupings. 
Riders  sold  at  1944  rates  were  valued  on  "150%  CLASS  III  Disability  rates"  (TASA  Vol  XXXIII  p.  63-7)  combined 
|    Riders  at  1965  rates  valued  on  "PERIOD  2,  1952  Disability  study",  combined  with  1958- 
CSO  at  3}3C'C. 

Disabled  lives 

Valued  on  "PERIOD  2,  1952  Disability  study",  combined  with  1958-CSO  at  3J^%. 
1  >e pending  on  gross  premium  rates 

L944  rates:  valued  with  qad  =  .00125  for  all  ages  combined  with  AM (5)  3J^% 
— 1905  rates:  valued  on  "1959  Acc.  death"  combined  with  1958-CSO  3)4%. 

Method  is  net  level  and  the  provision  for  triple  indemnity  and  dismemberment  was  settled  at  30%  of  basic  reserve 

SETTLEMENT  ANNUITIES 

A- 1949  without  projection  at  3J^%. 

85%  of  the  amount  of  insurance  at  issue  is  reported  for  decreasing  term  policies. 

Valuation  basis  of  other  riders 

Waiver  of  premiums  in  case  of  death  of  contractor 

(a)  contractor  alive:  unearned  premium 

(b)  contractor  dead:  present  value  of  future  premiums  3H%  interest  without  mortality. 
Guaranteed  insurability 

Reserve  equal  to  the  accumulation  of  gross  premiums  at  3K%  without  mortality.  On  each  option  date  a  portion 
of  this  accumulation  is  removed  and  amortized  on  a  10  year  period  independently  of  the  actual  action  from  the  policy 
holder.  The  above  mentioned  portion  is  equal  to  1/n,  where  n  is  the  number  of  remaining  options  just  before  option 

date. 

A'on  deduction  of  fractional  premiums  at  death 

A  term  insurance  reserve  was  applied  to  the  amount  of  net  deferred  premiums. 

Immediate  payments  of  claims 

Reserve  equal  to  1M%  of  basic  reserve  (except  reserve  for  the  "pure  endowment"  part  of  endowments  and  for 
plans  providing  an  annuity  as  death  benefit). 

Surplus  Distribution 

The  allocation  method  varies  with  the  issue  date: 

(a)  For  policy  issued  before  1965,  dividend  is  equal  to  one  twelfth  of  the  total  annual  premium. 

(b)  For  policies  issued  in  or  after  1965  a  contributory  formula  with  3  items  is  used: 
—interest  element:     1  lA%  of  initial  reserve 

—mortality  element:  90%  (qCS058-qCAA-52-56  ult)  (1-t) 

—expenses  element:  from  70%  to  90%  of  the  difference  between  the  gross  premium  and  an  experience 

premium  (never  less  than  $1.00) 
No  distinction  is  made  between  selection  ratings  or  due  to  presence  of  disability  waiver  rider. 

Accident  and  Sickness  Insurance 

School  Insurance 

Basic  reserve  is  60%  of  collected  premiums  as  at  December  31st  and  the  contingency  reserve  of  one  eighth  of  the 

basic  reserve. 

Weekly  indemnity  (non  cancelable) 

(No  more  contract  sold,  closed  group  decreases  every  year).  Morbidity  table  used  is  one  used  for  gross  premiums 
computed  in  1934. 

Surplus  allocation 

One  twelfth  of  the  annual  premium  for  weekly  indemnity  and  no  dividend  for  school  accident  insurance. 


(D) 

UNDERWRITERS  OR  SYNDICATES  OF  UNDER- 
WRITERS OPERATING  ON  THE  PLAN  KNOWN 

AS  LLOYD'S 


[257] 


THE  NON-MARINE  UNDERWRITERS,  MEMBERS  OF  LLOYD'S,  LONDON 
Head  Office,  London,  Eng. 

Attorney  for  Canada.-].  A.  Madill,  635  Dorchester  Blvd.  West,  Montreal. 

Organized  pursuant  to  Lloyd's  Act,  1871  (Imperial  Statutes  34  Vict,  C.XXI)  and  amendments  th 

Date  commenced  business  in  Canada.  -  June  29,  1932. 


Statement  for  the  Year  Ended  December  31,  1973 
Underwriting  Account 

All  Business 
In  Canada 

Net  premiums  written   $96,392,551 

Reserve  of  unearned  premium  (80%): 

At  beginning  of  year   ^027  8^6 

At  end  of  year   33,U^,Soo 

Increase   jj  4'444'255 

Net  premiums  earned   $91,948,296 

Net  claims  incurred  «2™25  $64'011'7°° 

othSexpenses.::.:::::: ::::::::::::::::          4,866,085  29,522,997 

Total  claims  and  expenses   $93,534,697 

Underwriting  loss  (—)   $-1,586,401 


EXHIBIT  OF  GLASSES  OF  INSURANCE  TRANSACTED 


In  Ontario 
$20,067,184 


$15,691,118 


Classes  of  Insurance 


Property  •  

Automobile  -  Liability. .  .  

-  Personal  accident 

-  Other  

Fidelity  

Liability  

Boiler  and  machinery  

Accident  and  sickness  

Aircraft  

Totals  


Gross  and 

Net 
Premiums 
Written 

1973 


524,436 
145,108 
560,735 
493,262 
243,534 
379,123 
925 
613,969 
,431,459 


96,392,551 


Net  Claims 
Incurred 
1973 


28,968,295 
17,570,496 
701,830 
9,391,124 
969,153 
2,905,895 
14,217 
480,814 
3,009,876 


64,011,700 


[259] 


II 

ANNUAL  STATEMENT  ABSTRACTS 

ASSETS  AND  LIABILITIES,  INCOME  AND  EXPENDITURE,  ETC., 
BY  CLASSES  OF  INSURERS 


(A) 

JOINT-STOCK,  CASH  MUTUAL  AND 
STOCK-MUTUAL  INSURANCE  COMPANIES 

(i)  LIFE 
(ii)  OTHER  THAN  LIFE 


[261] 


JOINT-STOCK  INSURANCE  COMPANIES  FOR  1973 


263 


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264 


ANNUAL  REPORT - 


SUPERINTENDENT  OF  INSURANCE 


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265 


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19,883 

2,563 
12,566 

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10,541 

358 
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47 

52 
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82,185 

67,464 
112,535 

32,852 
3,529 

11,958 
6,127 
8,552 

35,004 

11,894 

—645 
10,347 
27,045 
73,440 
14,782 
14,013 
22,947 
3,118 
5,356 
13,702 
11,744 
18,534 
1,479 
7,012 

1,189,690 

387,240 

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6,522 
34,283 
3,046 

75 
55 

23,359 
2,138 

63,488 

22,888 
1,964 
29,200 
33,135 
28,728 
31,926 
55,528 


699 
11,665 
723 
3,711 

1,380 

1,157,798 

157,273 

187,474 
592,311 
121,807 
43,197 
13,740 
38,582 
102,933 
31,860 
158,529 

133,382 
39,664 
125,626 
174,121 
195,222 
112,553 
143,294 
13,127 
38.683 

92,111 
37,329 
86,531 
20,277 
30,632 

6,539,471 

1,199,444 

32  Lambton  Farmers'  

33  Lanark  County  Farmers'  

34  Lennox  &  Addington  

36     London  Township  

40  North  Blenheim  Farmers'  

41  N.  Dumfires  & 

S.  Waterloo  Farmers'  

45  Peel  &  Maryborough  

46  Prescott  Farmers'  

47  South  Easthope  Farmers'  

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OTHERS 
Farm  Mutual 

Kemsurance  nan  mc  

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ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


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283 


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ANN  I  Al.  REPORT  —  SITKRINTENDENT  OF  INSURANCE 


.\  v.mi  or  i  ion 


I  AH  A  I'lON 


President 


Manager  or 
Secretary 


Algoinu  

Amherst  island  

Ayr  

Bay  of  Quinte  Agricultural. 

Bertie  &  Clinton  

Blansnard  

Brant  

Canadian  Millers  

Caradoc  

Cayuga  

Culross  

Downie  

Dttfferin  

Dumvich  

Bast  Williams  

Ekfrid  

Elma  

Erie  

Farmers  (Lindsay)  

Formosa  

Germania  

Glengarry  

Grenville  

Grey  &  Bruce  

Hahvell  

Hamilton  Township  

Hay  Township  

Howard  

Howick  

Kent  &  Essex  

Lambton  

Lanark  

Lennox  &  Addington  

Lobo  

London  Township  

McGillivray  

McKillop  

Norfolk  

North  Blenheim  

N.  Dumfries  &  S.  Waterloo 

North  Kent  

Oxford  

Peel  

Peel  &  Maryborough  

Prescott  

South  Easthope  

South  wold  

Townsend  

Usborne  &  Hibbert  

Wabisa  

West  Wawanosh  

Westminster  

Yarmouth  

OTHERS 
Farm  Mutual  Reins.  Plan.  . 


Desbarats  

Stella  

Ayr  

Picton  

Fen  w  ick  

St.  Marys  

Brantford  

Toronto  

Mount  Brydges 

Cayuga  

Teeswater  

Stratford   

Shelburne  

Dutton  

Parkhill  

Appin  

Atwood  

Fisherville  

Lindsay  

Formosa  

Ayton  

Alexandria  

Spencerville  

Hanover  

Guelph  

Cobourg  

Zurich  

Ridgetown  

Wroxeter  

Chatham  

Watford  

Perth  

Napanee  

Parkhill  

London  

Parkhill  

Seaforth  

Simcoe  

Bright  

Cambridge  

Dresden  

Thamesford  

Brampton  

Drayton  

Alfred  

Tavistock  

Sheddon  

Waterford  

Exeter  

Jarvis  

Dungannon. .  .  . 

Glanworth  

St.  Thomas.  .  .  . 


L.  Wolgemuth  

B.  Caughey  

C.  L.  Edgar  

E.  M.  Wallbridge.. 

D.  R.  Dale  

D.  C.  White  

T.  Arthur  

C.  M.  Snider  

C.  Snelgrove  

E.  Hagan  

F.  Moffat  

H.  Famine  

F.  A.  Macfarlane. .  , 
J.  K.  Hux  

G.  Romphf  

W.  Hailstone  , 

A.  Young  

E.  Cusler  

J.  Batty  

E.  Dietrich  

H.  Lantz  , 

R.  G.  McNaughton 

M.  McGahey  

E.  Redpath  

J.  Coburn  

R.  McCracken  

A.  McCann  

C.  Ross  

M.  Demeray  

L.  N.  J.  Beaudoin. 

S.  McCallum  

W.  K.  McLaren..  . 

N.  Kennedy  

C.  Caverhill  

J.  Ryan  

A.  Thompson  

R.  Archibald  

J.  W.  Moore  

L.  Seegmiller  

A.  F.  Stewart  

R.  Leeson  

C.  M.  Hogg  

D.  Hogg  

C.  A.  Ternan  

R.  Ouellette  

G.  Mohr  

R.  M.  Palmer  

J.  A.  Steel  

T.  Tookey  

G.  M.  Bethune  

G.  Kerr  

R.  Marsh  

M.  Tansley  


Lindsay. 


D.  Cobban. 


V.  A.  Scott  

Mrs.  J.  Miller  

D.  R.  Elmes  

A.  R.  Stickle  

F.  A.  Legg  

L.  S.  Mitchell  

L.  E.  Knill  

A.  Wilson  

D.  Cobban  

Mrs.  G.  Hedley  

R.  K.  Lamont  

F.  Henderson  

A.  Reimer  

D.  Mylrea  

Mrs.  J.  P.  McLellan 

A.  N.  May  

D.  Little  

L.  K.  Thomson  

D.  R.  MacKay  

H.  M.  Kuntz  

W.  L.  Brusso  

A.  J.  McDonald. . .  . 

H.  R.  McGrath  

G.  D.  Mc Arthur  

K.  M.  Forsythe  

Mrs.  J.  Grills  

J.  R.  Consitt  

I.  Ford  

J.  P.  Uniac  

F.  M.  Fletcher  

G.  C.  McCormick.  . 
R.  W.  Anderson. . .  . 

G.  D.  Walters  

J.  A.  McKenzie.  .  .  . 
Mrs.  S.  C.  Tackabury 

C.  Hodgins  

Mrs.  M.  Sharp  

G.  F.  Anger  

M.  Lambert  

G.  L.  Welsh  

K.  W.  Campbell.... 

B.  W.  McHugh  

J.  R.  Porter  

T.  E.  McClanahan.. 
J  M.  Leduc  

E.  T.  Pellow  

Mrs.  E.  G.  Sells..  .  . 

L.  D.  Simington  

W.  D.  Burton  

K.  G.  Cox  

F.  F.  Thompson  

C.  McCorquodale. . . 
Miss  D.  V.  Evans. . . 


B.  Bird. 


(G) 

FRATERNAL  SOCIETIES 


[285] 


FRATERNAL  SOCIETIES  FOR  1973 


287 


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MUTUAL  BENEFIT  SOCIETIES  FOR  1973 


299 


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NON-PROFIT  HOSPITAL  AND  MEDICAL 
SERVICES  ASSOCIATIONS 


[301] 


302 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


NON-PROFIT  HOSPITAL 


Rkk. 
No. 


Name 


1  Blue  Cross  

2  Delta  Dental  Plan  of  Ontario  

Prescription  Services  

Quebec  Hospital  Serices  Associates  

Sub-Totals  

CO-OPERATIVES 

Co-operative  Health  Services  of  Ontario 
Cumba  

Sub-Totals  

Totals  


Dec.  31/73 
Dec.  31/73 
Dec.  31/73 
Dec.  31/73 


ASSETS 


June  30/73 
Aug.  31/73 


Bonds, 
Debentures,) 
GIC's, 
Treasury 
Bills 


26,941,886 


1,772,360 
9,519,181 


38,233,427 


2,326,451 
1,434,562 


3,761,013 


41.994,440 


Stocks 


$ 

3,694,861 


3,694,861 


194,136 
306,050 


500,186 


4,195,047 


Sub-Total 


$ 

30,636,747 


1,772,360 
9,519,181 


41,928,288 


2,520,587 
1,740,612 


4,261,199 


46,189,487 


Mor 
Loaj 
R] 

Es: 


Ref 
No. 


Name 


Blue  Cross  

Delta  Dental  Plan  of  Ontario. 

Prescription  Services  

Quebec  Hosp.  Services  Assoc.. 

Sub-Totals  

CO-OPERATIVES 

Co-operatives  Health  Services 

of  Ontario  

Cumba  

Sub-Totals  

Totals  


As  AT 


Dec.  31/73 
Dec.  31/73 
Dec.  31/73 
Dec.  31/73 


June  30/73 
Aug.  31/73 


Unearned 
Premiums 


4,827,915 


761,568 


5,589,483 


267,202 
40,436 


307,638 


5,897,121 


LIABILITIES 


Unpaid 
Claims 


$ 

572,949 


845,739 
579,796 


1,998,484 


212,200 


212,200 


2,210,684 


Provisions 

for 
Unreported 
Claims 


9,246,458 
5,444 
70,093 
8,001,862 


17,323,857 


493,000 
314,300 


807,300 


18,131,157 


Sub-Total 
Columns 
2  +  3 


9,819,407 
5,444 
915,832 
8,581,658 


19,322,341 


493,000 
526,500 


1,019,500 


20,341,841 


NON-PROFIT  HOSPITAL  ASSOCIATIONS  FOR  1973  303 


ZAL  SERVICES  ASSOCIATIONS,  1973 

ASSETS 

Ref. 
No. 

1 
1 
1 

Investment 
and  Other 
Income 
Due  and 
Accrued 

Premiums 
Receiv- 
able 

Fees 
Receiv- 
able 

Other 
Receiv- 
ables 

Recoveries 

LJ  U  h.  rKUM 

Reins. 
Pool 

Real 
Estate 

Furniture, 
Fixtures 

AND 

Equipment 

All 
Other 
Assets 

Total 
Assets 

$ 

484,569 
260 
30,899 
137,983 

S 

400,633 
6,049 
14,387 
420,328 

$ 

$ 

$ 

$ 

$ 

$ 

4.  04.9  ^fi 

$ 

38,089,061 
108,110 
2,051,388 
17,966.078 

1 

2 
3 
4 

5 
6 

9,260 

172,947 

I 

4,833 
7,533,631 

58,003 

3 

653.711 

841,397 

9,260 

58,003 

172,947 

2 

11,581,010 

58.214.637 

0 
0 

0 

31,259 
27,768 

14,556 
17,750 

98,179 
5,226 

2,712,691 
1,972,337 

1,720 

59,027 

32,306 

103,405 

1,720 

4,685,028 

3 

712,738 

873,703 

9.260 

161,408 

172,947 

2 

11,582,730 

62,899,665 

LIABILITIES 

Rbf. 
No. 

ip 

ui 

C( 

Premiums 
Held  in 
Trust 

Group 
Pre- 
payments 

AND 

Credits 

Unpaid 
Patronage 
Dividends 
and 

Loans 

Sundry 
Provi- 
sions 

Other 
Lia- 
bilities 

Total 
Lia- 
bilities 

Invest- 
ment 
Reserve 

Surplus 

Total 

43 

$ 

$ 

$ 

$ 

$ 

1,446,699 

$ 

17,462,120 
28,969 
945,908 
10,197,330 

$ 

$ 

21,426.941 
79.141 
1.105.480 
7,768.748 

$ 

38,089,061 
108,110 
2,051,388 
17,966,078 

1 
2 
3 
4 

5 
6 

6,843 

804,940 

5  8 

6,843 

2,251,639 

28,634,327 

30,380,310 

58,214,637 

861.265 
30,810 

91,051 

1,724,356 
1,114,523 

988,335 
685,586 

2,712,691 
1,972,337 

21,180 

478,734 

172,228 

892,075 

21,180 

478,734 

91,051 

2,838,879 

172,228 

1,673.921 

4,685.028 

892,075 

28,023 

478,734 

2,342,690 

31,473,206 

172,228 

32.054,231 

62,899.665 

304 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


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NON-PROFIT  HOSPITAL  ASSOCIATIONS  FOR  1973 


NON-PROFIT  HOSPITAL  AND  MEDICAL  SERVICES  ASSOCIATIONS,  1973 
Number  of  Subscribers  and  Persons  Covered 
HOSPITAL  PLANS 


1 

Number  of  Subscribers 

Persons  Covered 

Name 

Year  End 

Ct  aj>t  fur 
OlAKl  Ur 

Year 

Year 

Start  of 
Year 

End  of 
Year 

Dec.  31/73 

1.064,809 

1,111,582 

2,910,904 

3,010,354 

1,064,809 

1,111,582 

2,910,904 

3,010,354 

CO-OPERATIVES 

Co-operative  Health  Services  of  Ontario. .  . 

June  30/73 
Aug.  31  /73 

26.776 
24,113 

27,223 
31,319 

69,081 
67,477 

74,136 
72,034 

50,889 

58,542 

136,558 

146,170 

1,115,698 

1,170,124 

3,047,462 

3,156,524 

Number  of  Subscribers  and  Persons  Covered  in  Ontario 
OTHER  PLANS 


Number  of  Subscribers 

Persons  Covered 

Name 

Year  End 

Start  of 
Year 

End  of 
Year 

Start  of 
Year 

End  of 
Year 

Quebec  Hospital  Services  Associates  

Dec.  31/73 
Dec.  31/73 
Dec.  31/73 
Dec.  31/73 

458,903 
236 
51.503 
29,537 

524,709 
609 
61,122 
29,379 

1,381,727 
733 
165,961 
81,328 

1,519,832 
1,490 
188,538 
80,256 

540,179 

615,819 

1,629,749 

1,790,116 

CO-OPERATIVES 

Co-operative  Health  Services  of  Ontario. .  . 

June  30/73 
Aug.  31/73 

30,646 
33,133 

42,077 
34,253 

79,064 
78,966 

114,586 
85,633 

63,779 

76,330 

158,030 

200,219 

603,958 

692,149 

1,787,779 

1,990,335 

IV 

INVESTMENT  CONTRACT  COMPANIES 


[3071 


INVESTMENT  CONTRACT  COMPANIES  FOR  1973 


309 


INVESTORS  SYNDICATE  LIMITED 

Head  Office,  Winnipeg,  Man. 

Officers.  -  Chairman  of  the  Board,  R.  H.  Jones;  President,  J.  N.  W.  Budd;  Executive  Vice-President,  A.  S.  Jackson; 
Treasurer,  H.  W.  Middlestead. 

Directors.  -  C.  E.  Atchison,  J.  N.  W.  Budd,  A.  S.  Jackson,  R.  H.  Jones,  D.  C.  Bjarnason,  P.  E.  Newman  and 
D.  J.  McDonald. 

Auditors.  -  Deloitte,  Haskins  &  Sells. 

Date  of  Incorporation.  -  July  15,  1964.  Commenced  Business  in  Ontario.  -  September  1,  1964. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 


Capital  Stock 


Authorized: 

10,000  common  shares,  par  value  $100 


Amount -$1,000,000 


At  beginning  and  at  end  of  year: 
Common  shares  


No.  OF 
Shares 


5,000 


Amount  Amount 
Subscribed     Paid  in  Cash 


500,000 


500,000 


BALANCE  SHEET 


Assets 

Cash  on  hand  and  short  term  notes   $  «^'ro?'t?5 

Bonds  and  notes  owned  by  the  company  (market  value  $64,954,926)   «oo™  o«n 

Stocks  owned  by  the  company  (market  value  $20,478,274)   22,8bU,^U 


First  mortgage  loans  on  real  estate. 
Debentures. 


209,936,112 
65,500,000 
9,561,868 


Certificate  loans  

Investment  income,  due  and  accrued   c'nnQ7«o 

Investment  in  real  estate  (including  office  premises  -  $3,652,432)   o,uuc>,/o^ 

386,651,953 

Accounts  and  notes  receivable  from  representatives  and  others   $  l-^^oS 

Prepaid  expenses  and  deferred  charges   2,bd.j,4d2 

$  4,013,488 

Deduct  -  Unadmitted  assets   4,013,488   

Total  admitted  assets   $386,651,953 


Liabilities,  Capital  and  Surplus 

Certificate  reserves   $35«     J *f 1 1 

Mortgagors*  deposits   fu'q?? 

Income  taxes  payable   oin'^no 

Other  liabilities   b,6U,<J* 

Total  liabilities   $36f'^!Sn 

Deferred  income  taxes   i  XooH 

Income  deferred  to  future  years   i,4a/,JU4 

$368,266,649 

Capital  stock  paid  •  •  •  •  •  ••••••   500,000 

Premiums  on  capital  stock   $  ,7,934,600 

Earned  surplus.  .   13,964,192      $  21,898,792 

Deduct  -  Unadmitted  assets  (per  contra)                                                                        4,013,488  17,885,304 

Grand  total   $386,651,953 


310  ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Investors  Syndicate  Limited  (concl'd) 


Summary  of  Operations -Year  Ended  December  31,  1973 

Loading  charge*  On  certificates   '  27^313  036 

Income  from  investments   •  4*453 

Sundry  income    ' 

$  28,621,665 

interest  on  certificate  reserves   $  'J'JH'S     •  17  17tjoi2 

Ad.lition.il  credits  to  certificate  reserves   4,7oU,^S      $  w.i/o.ziz 

Salesmen's  commissions   $  *'qo?'7«« 

Sales  and  certificates  issuance  expenses   See 'boo  o  010  Q17 

Other  selling  expenses   355.S8S  4,vl*,au 

Operating  expenses   2^13'936  22-907'465 

Operating  income  i'Vna'dlnk  $  5,714,200 

Net  income  from  fees   *  -mJR7% 

Loss  on  sale  of  investments                                                                                                     7oo«n  1^70  701 

Depreciation  adjustment                                                                                                        79'260  1.57U,7«l 

$  7,284,991 
3  360  000 

Provision  for  income  tax    ' 

Balance  carried  to  surplus  account   $  3,924,991 


Surplus  Account -Year  Ended  December  31,  1973 

Balance.  December  31.  1972   $  *f  08  qqi 

Add  -  Profit  for  the  year  1973   1W000 

Reduction  in  investment  reserve  i   11 

S  23,798,792 

Deduct  -  Dividends  paid  during  1973   1,900,000 

Balance.  December  31,  1973   $  21,898,792 


Summary  of  Movement  of  Certificates  at  Maturity  Values  by  Provinces 


Province 

December  31,  1972 

Additions 

Deductions 

December  31,  1973 

No, 

Maturity 
Value 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

British  Columbia.. . 
Saskatchewan  

Quebec  

New  Brunswick  

Nova  Scotia  

Newfoundland  

Pr.  Ed.  Island  

Miscellaneous. ..... 

12,653 
11.755 
11.745 
21.929 
47,449 
11,366 
3,054 
2,282 
1,354 
1.212 
1.439 

$ 

88.145,203 
71,798,767 
80,231,832 
135,701,582 
308,759,149 
74,353,831 
18,499,029 
11,438,677 
7,618,345 
7,033,247 
7.729,627 

3,216 
2,830 
2,062 
3,919 
10,247 
2,168 
471 
221 
100 
71 
248 

$ 

33,765,970 
25,604,608 
19,204,595 
35,562,585 
76,869,324 
18,785,114 
4,703,160 
1,802,081 
908,560 
1,976,582 
173,081 

2,434 
2,185 
1,371 
3,066 
8,911 
1,775 
416 
280 
152 
197 
195 

$ 

23,255,878 
13,237,089 
10.851,336 
20,815,619 
62,962,268 
13,041,577 
2,600,174 
1,443,337 
907,310 
1,259,255 
1,129,945 

13,435 
12,400 
12,436 
22,782 
48,785 
11.759 
3,109 
2,223 
1,302 
1,086 
1,492 

$ 

98.655.295 
84,166,286 
88,585,091 
150,448,548 
322.666,205 
80.097,368 
20.602,015 
11,797,421 
7,619.595 
7,750,574 
6,772,763 

Totals  

126.238 

811.309,289 

25,553 

219,355,660 

20,982 

151,503,788 

130,809 

879,161,161 

INVESTMENT  CONTRACT  COMPANIES  FOR  1973 


311 


THE  PROVIDENT  INVESTMENT  COMPANY 

Head  Office,  Toronto,  Ont. 

Officers.  -  Chairman  of  the  Board,  C.  E.  Atchison;  President,  A.  S.  Jackson;  Vice-President,  J.  N.  W.  Budd; 
Secretary-Treasurer,  F.  W.  Law. 

Directors.  -  A.  S.  Jackson,  C.  E.  Atchison,  L.  D.  McMurray,  D.  E.  Rettie,  J.  N.  W.  Budd,  F.  W.  Law,  R.  H. 
Jones  and  D.  J.  McDonald. 

Auditors.  -  Deloitte,  Haskins  &  Sells. 

Date  of  Incorporation.  -  1952.  Commenced  Business  in  Ontario.  -  November  28,  1952. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 

Capital  Stock 

Authorized:  „ 

90.000  preferred  shares,  par  value  $100   $  9,000,000 

100,000  common  shares,  par  value  $10   1,000,000 

$  10.000,000 


No.  of  Amount  Amount 

Shares  Subscribed  Paid  in  Cash 

Preferred  shares   4,000  $      400.000  $  400.000 

Common  shares   10.000  100.000  100,000 


Balance  at  beginning  and  at  end  of  year   $      500.000     $  500,000 


BALANCE  SHEET 


Assets 

Cash  on  hand  and  in  banks   $  21,769 

Bonds  owned  by  the  company  (market  value  -  $1,185,569)   «o?S 

Stocks  owned  by  the  company  (market  value  -  $604,550)   752,700 

Mortgage  loans  on  real  estate   -ll'ooc 

Certificate  loans   qr'Iqc 

Investment  income,  due  and  accrued   36,795 

Deferred  charges   $  57,041 

Deduct  -  Unadmitted  assets    57,041   

Total  admitted  assets   $  3,256,272 


Liabilities,  Capital  and  Surplus 

Certificate  reserves   $  ^,46J'n<jQ 

Undistributed  cash  collections   o  170 

Accounts  payable   2,179 

Due  to  affiliated  companies   11077 

Deposits  for  taxes  on  first  mortgages   iqo 

Income  deferred  to  future  years    638 

Total  liabilities   $  2,479.170 

Capital  stock  paid  •  500.000 

Earned  surplus   $  334,143 

Deduct  -  Unadmitted  assets  (per  contra)                                                                         57,041  277,102 

Grand  total   <  3,256,372 

Summary  of  Operations  -  Year  Ended  December  31,  1973 

Loading  charges  on  certificates   $  o<jo'??o 

Income  from  investments   232,112 

$  234,621 

Interest  on  certificate  reserves   $  74,300 

Additional  credits  to  certificate  reserves   20,903     $  95,203 

Salesmen '8  commissions   1,493 

Operating  expenses                                                                                                            24,273  120.969 

Operating  income   $  113,652 

Net  income  from  fees   $  —1,665 

Gain  on  sale  of  investments                                                                                                  1,214  —451 

$  113,201 

Provision  for  income  tax.    36,500 

Balance  carried  to  surplus  account   $  76,701 


312 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


The  Provident  Investment  Company  (concl'd) 

Surplus  Account  -  Year  Ended  December  31,  1973 

IVuanck.  December  31.  1072  

Add-  Profit  for  the  year  1978  

-  Transfer  of  investment  reserve  

Deduct  -  Dividends  paid  during  the  year  

BALANCE.  December  31.  1973  


Summary  of  Movement  of  Certificates  at  Maturity  Values  by  Provinces 


Province 

DECEMBER  31.  1972 

Additions 

Deductions 

December  31,  1973 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

Ontario  

733 
70 

$ 

3,868,077 
250,986 

$ 

82 
21 

$ 

581.788 
71.056 

651 
49 

$ 

3,286,289 
179,930 

British  Columbia.. . 

803 

4,119,063 

103 

652,844 

700 

3,466,219 

Totals  

$  142,442 
76,701 
175,000 


$  394,143 
60,000 


$  334,143 


INVESTMENT  CONTRACT  COMPANIES  FOR  1973 


313 


SAVINGS  AND  INVESTMENT  LTD. 

Head  Office,  Quebec,  Que. 

Officers.  -  Chairman  of  the  Board,  J.  P.  Tardif;  Secretary,  A.  Verge;  Treasurer,  G.  Losier. 

Directors.- J.  P.  Tardif,  A.  Verge,  J.  P.  Guimont,  J.  P.  Tremblay,  Marcel  Jobin,  F.  Spenard  and  P.  Cote. 

Auditors.  -  Coopers  &  Lybrand. 

Date  of  Incorporation.  -  January  1,  1968.  Commenced  Business  in  Ontario.  -  January  1,  1968. 


Statement  of  Affairs  for  the  Year  Ended  December  31,  1973 
Capital  Stock 

10,666  common  shares,  par 


Authorized:  value  $100   *  1.000,000 


No.  of           Amount  Amount 

Shares  Subscribed  Paid  in  Cash 

Ba.ance  at.  beginning  and  at  end  of  year                                                    5.000  *      500  000  S      500  000 

Issued  during  year   °'uuu  '   L__ 

Balance  at  end  of  year                                                                           10.000  »    1,000,000  _$  1.000,000 


BALANCE  SHEET 
Assets 

,      j      j  •    i-    i  $  802,910 

Cash  on  hand  and  in  banks  •  •  •••••••   a  147  0=7 

Bonds  owned  by  the  company  (market  value  -  $7,231,215)   1  ^46  431 

Stocks  owned  by  the  company  (market  value  -  $978,855)   loY>35'972 

Mortgage  loans  on  real  estate   '302^230 

Certificate  loans  .  ■   218  376 

Investment  income,  due  and  accrued   788  °01 

Book  value  on  real  estate  -  office  premises   10]000 

Sundry  assets  •  •  •  •  :  4"  '  ■  Y/*'  'rnj 

Accounts  and  notes  receivable,  due  from  representatives   »        oq  poe 

Furniture  and  fixtures   1675 

Miscellaneous    ' 

$  232,887 

Deduct  -  Unadmitted  assets   232,887  .  

&  22  2r-2  077 

Total  admitted  assets   0 


Certificate  reserves  

Other  liabilities  

Deferred  income  taxes 


Investment  reserves  

Income  deferred  to  future  years 


Capital  stock  

General  reserve  

Earned  surplus  

Unadmitted  assets  (per  contra) 

Grand  total  


Liabilities,  Capital  and  Surplus 


$  20,230,287 
357,121 

126,900 


$  20,714,308 
260,000 
250,000 


$  21,224,308 

  1,000,000 

40,000 

$  220,856 

232.8S7  -12,231 


$  22,252,077 


Summary  of  Operations  - 

Loading  charges  on  certificates  

Income  from  investment  

Sundry  income  


Interest  on  certificate  reserves 

Salesmen's  commissions  

Selling  expenses  

Operating  expenses  

Operating  income.  . 
Profit  on  sale  of  securities  


Provision  for  income  taxes  

Balance  carried  to  surplus  account 


Ended  December  31,  1973 

  $  867,780 

  1,593,884 

  213,809 


$  2,675,473 

$  1,084,129 

$  407,163 

367.983      S  775,146 


613,484  2,472,759 


$  202,714 
-19,032 


$ 

183,682 

65,300 

$ 

118,382 

314 


VNNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


Savings  ami  Investment  Ltd.  (concl'd) 


Surplus  Account  -  Year  Ended  December  31,  1973 

Contributed  surplus: 

Balance  at  beginning  of  year   $  500,000 

Less  special  dividend  declared   500,000 

Balance  at  end  of  year   Nil 


Harm  i>  si  kim  us: 

Balance  at  luv.innini;  of  year   $  200,976 

Net  earnings  for  the  year   118,382 

$  319,358 

Deduct  -  dividends   $  75,000 

-  transfers  to  investment  reserves   11,100 

-  write-off  of  incorporation  and  reorganization  expense  ,                             12,602  98,702 

Balance  at  end  of  year   $  220,656 


Summary  of  Movement  of  Certificates  at  Maturity  Values  by  Provinces 


Decemrer  31,  1972 

Additions 

Deductions 

December  31.  1973 

Province 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

No. 

Maturity 
Value 

$ 

$ 

$ 

$ 

Ontario  

Quebec  

New  Brunswick. . . . 

Nova  Scotia  

Newfoundland 
and  P.E.I  

3,026 
14,532 
1,111 
766 

911 

8,816,944 
46,163,003 
2,936,471 
2,225,075 

2,603,047 

58 
1,861 
31 

29 

55 

269,169 
11,939,830 
129,177 
119,610 

132,750 

238 
2,168 
157 
85 

69 

311,326 
7,121,350 
256,780 
269,337 

183,921 

2,846 
14.225 
985 
710 

897 

8,774,787 
50,981,483 
2,808,868 
2,075,348 

2,551,876 

Totals  

20,346 

62,744,540 

2,034 

12,590,536 

2,717 

8,142,714 

19,663 

67,192,362 

Note:  -  Effective  January  1,  1974,  Savings  and  Investment  Ltd.  amalgamated  with  Savings  and  Investment 
Trust  and  the  company  ceased  business  as  an  investment  contract  issuer.  The  existing  contracts  are  administered 
by  the  continuing  company,  Savings  and  Investment  Trust. 


V 

STATISTICAL  TABLES 


[315] 


STATISTICAL  TABLES  FOR  1973 


317 


TABLE  I.  SUMMARY  OF  RESOURCES  OF  ONTARIO  INCORPORATED  PURELY 
MUTUAL  FIRE  INSURANCE  CORPORATIONS 


Year 


Number 

OF 

Com- 
panies 


1925 
1930 
1935 
1940 
1945 
1950 
1955 
1960 
1965 
1966 
1967 
1968 
1969 
1970 
1971 
1972 
1973 


71 
71 
68 
67 

66 
66 
65 
64 
63 
63 
62 
61 
59 
57 
56 
54 
53 


Total 
Assets 


(1) 


1,267,312 
2,488,528 
2,542,820 
4,910,304 
7,874,845 
10,425,398 
13,351,975 
14,765,560 
18,800,741 
20,306,006 
21,692,353 
21,952,900 
23,631,525 
25,339,839 
27,463,764 
29,528,125 
32,900,780 


Total 
Premium 

Note 
Residue 
(2) 


14,971,606 
15,693,998 
12,944,305 
14,035,486 
16,694,216 
25,866,622 
37,310,762 
43,086,264 
53,442,900 
56,330,658 
60,391,626 
56,719,565 
60,050,788 
63,440,241 
69,225,427 
71,343,634 
80,587,248 


Total 
Liabilities 

(3) 


475,991 
890,213 
1,077,158 
1,098,777 
1,450,655 
2,432,744 
3,192,389 
3,991,086 
5,142,238 
5,628,615 
6,125,155 
5,661,539 
6,033,856 
8,113,201 
6,643,642 
7,397,308 
7,675,546 


Total 
Resources 
(l)+(2)  -(3) 
(4) 


$ 

15,762,927 
17,292,312 
14,409,967 
17,847,012 
23,118,406 
33,859,276 
47,470,348 
53,860,738 
67,101,403 
71,008,049 
75,958,824 
73,010,926 
77,648,457 
82,666,879 
90,045,549 
93,474,451 
105,812,482 


Total 
Amount 
at 
Risk 

(5) 


499,206,380 
640,749,385 
528,058,163 
570,351,641 
702,084,455 
1,068,073,264 
1,544,680,248 
1,844,651,384 
2,260,600,000 
2,411,100,000 
2,568,500,000 
2,395,300,000 
2,527,900,000 
2,711,300,000 
2,947,700,000 
3,122,600.000 
3,268,500,000 


Per- 
centage 

of 
(4)  to  (5) 


% 

3.158 
2.699 
2.729 
3.129 
3.293 
3.170 
3.073 
2.920 
2.968 
2.945 
2.957 
3.048 
3.072 
3.049 
3.055 
2.993 
3.237 


TABLE  II.  SUMMARY  OF  COST  OF  INSURANCE  PER  ANNUM 
OF  ONTARIO  INCORPORATED  PURELY  MUTUAL 
FIRE  INSURANCE  CORPORATIONS 


Year 

Number 
of 
Com- 
panies 

Average  of 
Total  Net 
Amounts 
at  Risk  at 
Beginning 
and  End  of 
Year 
(1) 

Total 
Amount 
of  Cost 
of  Manage- 
ment 
(2) 

Per- 
centage 
of 

(2)  TO  (1) 

Total 
Amount 
of 

Incurred 
Losses 

(3) 

Per- 
centage 
of 

(3)  TO  (1) 

Cost  of 

$100  OF 

Insur- 
ance 

During 
Year 

$ 

$ 

/o 

S 

% 

cents 

1 

2 
3 
4 
5 
6 
7 
8 
9 
10 
11 
12 
13 
14 
15 
16 
17 

1925 
1930 
1935 
1940 
1945 
1950 
1955 
1960 
1965 
1966 
1967 
1968 
1969 
1970 
1971 
1972 
1973 

71 
71 

68 
67 
66 
66 
65 
64 
63 
63 
62 
61 
59 
57 
56 
54 
53 

511,130,756 
629,759,017 
528,111,467 
565,580,645 
685,038,366 
1,020,968,720 
1,516,338,079 
1,805,188,548 
2,209,050,000 
2,335,850,000 
2,489,800,000 
2,481,900,000 
2.504.900,000 
2,619,600,000 
2,829,500,000 
3,035,150,000 
3,195,550,000 

261,447 
324,365 
292,554 
330,900 
410,593 
637,828 
922,419 
1,233,251 
1,488,206 
1,760,790 
1,997,200 
1,817,107 
2,061,992 
2,281,776 
2,444,876 
2,530,944 
2,966,724 

.0511 
.0515 
.0554 
.0585 
.0599 
.0625 
.0608 
.0683 
.0674 
.0754 
.0802 
.0721 
.0823 
.0871 
.0864 
.0834 
.0928 

1,020,813 
1,884,650 
972,708 
951,261 
1,007,578 
1,578,496 
2,803,896 
2,845,161 
3,927,763 
4,316,059 
4,851,144 
4,087,867 
4,636,735 
4,803,209 
6,471,081 
5,820,258 
6,065,302 

.1997 
.2994 
.1842 
.1682 
.1471 
.1546 
.1849 
.1576 
.1778 
.1848 
.1948 
.1647 
.1851 
.1834 
.2287 
.1918 
.2086 

25.08 
35.19 
23.96 
22.67 
20.70 
21.71 
24.57 
22.59 
24.52 
26.02 
27.50 
23.68 
26.74 
27.05 
31.51 
27.52 
30.14 

1 

2 
3 
4 
5 
6 
7 
8 
9 
10 
11 
12 
13 
14 
15 
16 
17 

318 


AWI  AI.  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


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STATISTICAL  TABLES  FOR  1973 


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STATISTICAL  TABLES  FOR  1973 


329 


TABLE  IX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973,  ACCORDING 
TO  CLASSES  OF  INSURANCE 

PROPERTY 


Companies 


Abstainers'  Ins.  Co  

Aetna  Casualty  &  Surety  

Aetna  Casualty  Co.  of  Canada 

Aetna  Insurance  

Affiliated  F  M  

Allendale  

Alliance  Assurance  

Allstate  Ins.  Co  

Allstate  Ins.  Co.  of  Canada. . 

Alpina  Insurance  

American  Bankers  Ins.  Co. 

of  Florida  

American  Empire  Insurance 

Co  

American  Home  Assur.  Co. .  . 

American  Insurance  

American  National  Fire  Ins. . 

American  Road  Ins.  Co  

Anglo  Canada  

Arkwright-  Boston 

Mfg.  Mutual  

Baloise  Ins.  Co.  Ltd  

Bankers  &  Traders  Ins.  Co. .  . 

Bay  City  General  Ins.  Co. . .  . 

Boiler  Inspection  

British  America  

British  Aviation  

British  Economic  

Buffalo  Ins.  Co  

Calvert  Fire  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance.  . 

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance. 

Canadian  Provincial  

Canadian  Surety  

Canadian  Universal  Ins.  Co. . 

Casualty  Co.  of  Canada  

Centennial  Insurance  

Central  Mutual  Ins.  Co  

Century  Ins.  Co.  of  Canada.  . 

Chrysler  Ins.  Co  

CNA  Assurance  Co  

Commerce  &  Industry 

New  York  

Commerce  &  Industry  of  Can. 

Commerce  General  

Commercial  Union  Assurance 
London  

Commonwealth  Insurance  Co. 

Consolidated  Fire  Casualty.  . 

Constitution  Ins.  Co.  of  Can. . 

Continental  Insurance  

Co-operative  Fire  Cas.  Co. .  . 

Co-operators  Ins.  Assoc.. . . 

Cornhill  Ins.  Co  

Coronation  Insurance  

Cumis  Insurance  

Dominion  of  Canada  General 

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  of  Canada 

Eaton  Insurance  Company.  . 

Ecclesiastical  Ins.  Office  

Economical  Mutual  

Elite  Insurance  

Emmco  Insurance  

Employers  Mut.  Fire  Ins.  Co. 
Employers  Mutual  Liability. 
English  &  American  Ins.  Co.. 

Equitable  General  

Excess  Insurance  Co  


ONTARIO 


Direct 

Direct 

Losses  and 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Incurred 

$ 

$ 

% 

277,384 

97,997 

35.3 

2  739,411 

4,439,434 

162.1 

13,533 

2,150 

15.9 

5,780,853 

4,450,908 

77.0 

558,853 

2,541,091 

454.7 

3,544,964 

953,985 

26.9 

157,650 

711,278 

451.2 

93 

62 

66.7 

2,295,116 

1,353,077 

59.0 

22,453 

19,498 

86.8 

705,389 

87,651 

12.4 

50,278 

3,286,819 

833,356 

25.4 

878,403 

598,469 

68.1 

30,949 

9,525 

30.8 

14,675 

—  1 5,048 



1,236,947 

360,715 

29.2 

1,761,601 

327,888 

18.6 

305 

83,099 

15,94o 

19.2 

37,676 

85,513 

227.0 

154 

1,808,142 

1,101,274 

61.1 

153,802 

95,834 

62.3 

14,244 

961 

6.7 

51,202 

48,849 

95.4 

960,536 

454,074 

47.3 

395,065 

135,294 

34.2 

3,944,537 

1,780,418 

45.1 

30,467 

31,043 

101.9 

3,188,032 

1,565,207 

49.1 

135 

947 

701.5 

262 

4,486 

■■■■■■■ 

247,853 

144,441 

58.3 

2,221,227 

1,960,324 

88.3 

30,459 

23,409 

76.9 

1,297,167 

840,806 

64.8 

35,019 

—3,829 

 " 

1,475,079 

1,140,929 

77.3 

1,059,640 

550,676 

52.0 

1,508,737 

1,197,889 

79.4 

625,121 

423,216 

67.7 

806,961 

61,635 

7.6 

142 

2,704 

6,083,595 

3,498,201 

57.5 

1,064,918 

557,065 

52.3 

1,617 

1,566 

96.8 

406,624 

245,746 

60.4 

4,531,080 

3,665,416 

80.9 

51,305 

8,197 

16.0 

4  889,186 

2,972,467 

60.8 

538!268 

360,894 

67.0 

277,987 

142,943 

51.4 

298,004 

110,732 

37.2 

5,469,185 

3,320,078 

60.7 

4,281,557 

2,942,757 

68.7 

221,260 

441,467 

199.5 

197,432 

77,379 

39.2 

187,623 

86,748 

46.2 

10,073,512 

5,205,406 

51.7 

311,713 

59,605 

19.1 

647,727 

129,397 

20.0 

39,682 

11,037 

27.8 

438,449 

217,496 

49.6 

313,853 

158,051 

50.4 

20,986 

82,033 

390,9 

2,115 

18,456 

872.6 

CANADA 


Direct 

Direct 

T                  A  Mn 

Premiums 

Adjustment 

Ratio 

VV  Kl  1  1  iSIN 

Expenses 

Incurred 

$ 

$ 

% 

317,721 

106,914 

33.7 

9  152,424 

100  2 

60,864 

'  32^77 

53  A 

12.194,813 

7,880,435 

64.6 

4,722,333 

3,628,373 

76.8 

11,825,980 

32,565,238 

275.4 

1,064,822 

1,963,920 

184.4 

93 

394 

423.7 

5,106,834 

3,930,346 

77.0 

22,456 

18,462 

82.2 

2,689,193 

300,553 

11.2 

64,383 

1,175 

1.8 

13.933,570 

7,566,063 

54.3 

1,056,917 

720,702 

68.2 

197,129 

167,508 

85.0 

45,840 

-29,587 

1,236,947 

360,715 

29.2 

3,864,719 

930,678 

24.1 

12,151 

1,325 

10.9 

889,968 

356,826 

40.1 

131,099 

36,526 

27.9 

154 

5,041,124 

3,304,355 

65.5 

-1,800 

178,709 

113,810 

63.7 

149,491 

—2,257 

217,041 

132,114 

60.9 

3,515,689 

2,149,182 

61.1 

1,040,981 

672,803 

64.6 

8,192,249 

4,668,141 

57.0 

5i095[055 

2i929[981 

57.5 

11,436,590 

7,217,450 

63.1 

5,208,244 

2,746,673 

52.7 

387,647 

317,228 

81.8 

1,054,535 

524,542 

49.7 

6,233,298 

4,680,570 

75.1 

4,024,609 

2,828,589 

70.3 

2,081,646 

1,377,093 

66.2 

44,539 

-7,562 

2,306,813 

1,641,869 

71.2 

4,459,432 

2,560,904 

57.4 

234 

2,686,130 

2,212,416 

82.4 

1,838,020 

762,540 

41.5 

2,335,754 

1,837,574 

78.7 

5,395,873 

4,176,300 

77.4 

16,470,181 

9,411,693 

57.1 

8,960,596 

4,788,360 

53.4 

100,503 

58,777 

58.5 

475,459 

260,902 

54.9 

18,999,647 

13,898,035 

73.1 

11,139,418 

6,232,245 

55.9 

4,889,186 

2,972,467 

60.8 

1,821,630 

974,540 

53.5 

416,430 

203,665 

48.9 

1,258,605 

718,073 

57.1 

9,133,678 

5,516,415 

60.4 

7,760,997 

5,610,233 

72.3 

659,972 

1,447,108 

219.3 

323,589 

106,033 

32.8 

251,509 

92,043 

36.6 

14,246,807 

8,053,387 

56.5 

1,839,627 

538,422 

29.3 

1,207,958 

285,771 

23.7 

106,152 

49,541 

46.7 

1,344,812 

1,019,449 

75.8 

804,566 

769,083 

95.6 

2,612,609 

1,741,670 

66.7 

85,847 

57,972 

67.5 

380 


ANNUAL  REPORT    -SUPERINTENDENT  OF  INSURANCE 


TABLE  IX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

PROPERTY  (Cont'd) 


COMPANIES 


Fai  mors  Central  Mutual 

Ins.  Co  

Federal  Fire  

Federal  Insurance  

Federated  Mutual  Ins.  Co. .  .  . 
Federation  Ins.  Co.  of  Can... 

Fidelity  Ins.  of  Canada  

Fire  Insurance  of  Canada. . . . 

Fireman's  Fund  

Florists  Mutual  

Foremost  

General  Acident  of  Canada.  . 
General  Accident  Fire  Life... 

General  Ins.  of  America  

General  Security  of  Canada.  . 

Gerling  Global  General  

Gibraltar  General  Ins.  Co  

Globe  Indemnity  of  Canada.  . 

Gore  Mutual  

Grain  Insurance  

Great  American  Insurance. . . 

Great  Eastern  Insurance  

Guarantee  Co.  of  N  A  

Guardian  Assurance  

Guardian  Ins.  of  Canada.  . .  . 
Halifax  Insurance  

Hanover  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Imperial  Guar.  &  Accident.  .  . 

Indemnity  Marine  

Insurance  of  North  America. 

Insurance  Corp.  of  Ireland. . . 
Law  Union  &  Rock  

Liberty  Mutual  Fire  

Liberty  Mutual  Insurance.  .  . 

Liverpool  &  London  Globe.  . . 

Lloyds  

London  Lancashire  Insurance 

London  and  Midland  

London  Assurance  

Lumbermen's  Mutual  Cas. .  . . 

Maritime  Insurance  

Markel  Ins.  Co.  of  Canada.  .  . 

Maryland  Casualty  

Merit  Insurance  

Middlesex  Mutual  Ins.  Co.... 

Missisquoi  &  Rouville  

Mutual  Boiler  Machinery  

National  Employers  

New  Hampshire  Insurance  Co. 

New  India  Assurance  

New  Zealand  Insurance  

Niagara  Fire  

North  British  &  Mercantile.. 

Northumberland  General  Ins. 
Co  

N.  Waterloo  Farmers  Mut... 

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee 

Old  Republic  Ins.  Co  

Olympic  Insurance  

Ontario  Farmers  Mutual.  .  .  . 

Orion  Insurance  

Otter-Dorchester  Mut.  Ins.. . 

Pacific  Employers  

Pafco  Ins.  Co.  Ltd  

La  Paix  General  

Pearl  Assurance  Co  

Perth  Ins.  Co  

Philadelphia  Manufacturers.. 

Phoenix  Assce.  of  Canada  


ONTARIO 


Direct 
Premiums 
Written 


-41 
1.392,644 
7,508,187 
990,355 
870,580 
874,476 
583,530 
3,348,607 
209,763 
4,587 
7,028,883 
1,557 
509,539 
631,802 
1,964,304 
1,782,698 
605,240 
6,269,982 
155,327 
7,299,023 
1,339,639 
1,638,096 
564,557 
4,685,818 
2,508,081 
361,612 
6,868,855 
3,839,787 
312,657 
114.756 
292,207 
6,633,867 
55 

709*1926 
261,161 
668,843 
8,585,749 
1,097,275 
1,440,770 
1,643,014 
3,419,957 
14,498 
26,962 
951,985 
1,122,628 
163,349 
1,181 
2,900 
104,095 
814,723 
148 
52,771 
395 
881,760 

58.358 
3,563,498 
1,209,846 
2,012,416 
2.943,526 
1,646 
92,698 
454,703 
544,107 
738,858 
54,114 
540 
32,983 
1,674,608 
1,567,455 
120,622 
5,870,753 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


57,252 
647,695 
3,888,522 
346,208 
402,714 
284,990 
463,864 
1,753,675 
93,839 
1,078 
4,969,101 
-2,602 
125,352 
337,598 
1,007,160 
1,285,727 
-1,036,586 
3,470,084 
19,700 
3,854,822 
748,302 
667,139 
352,036 
3,413,002 
1,694,834 
-112,827 
4,834,049 
1,936,566 
332,902 
68,064 
44,056 
3,489,364 


106,950 
53,860 
349,199 
8,617,828 
577,594 
338,339 
696,366 
1,538,011 
961,199 
6,745 
661,740 
516,021 
122,618 
25 


36,362 
712,491 


33,098 
310,654 
522  504 

6,091 
1,596,609 
428,037 
1,122,097 
1,794,620 
2,929 
20,563 
188,680 
302,244 
232,878 
13,302 

32';69i 
641,134 
1,043,076 
13,156 
3,919,829 


Ratio 


46.5 
51.8 
35.0 
46.3 
32.6 
79.5 
52.4 
44.7 
23.5 
70.7 

24!6 
53.4 
51.3 
72.1 

'55"3 
12.7 
52.8 
55.9 
40.7 
62.4 
72.8 
67.6 

ToA 
50.4 

106.5 
59.3 
15.1 
52.6 


15.1 
20.6 
52.2 
100.4 
52.6 
23.5 
42.4 
45.0 


25.0 
69.5 
46.0 
75.1 
2.1 

34.9 
87.5 

62.'7 

59"3 

10.4 
44.8 
35.4 
55.8 
61.0 
177.9 
22.2 
41.5 
55.5 
31.5 
24.6 

'97"3 
38.3 
66.5 
10.9 
66.8 


CANADA 


Direct 
Premiums 
Written 


-41 
2,421,792 
16,679,910 
3,173,808 
3,411,785 
2,517,265 
3,583,294 
6,464,744 

254,892 

844,649 
12,233.685 

313,256 
1,934,587 
6,305,324 
3,574,099 
1,782,698 
1,672,741 
9,758,810 
1,475,228 
13,188,377 
3,618,287 
5,668,216 
1,850,107 
16,162,325 
5,884,325 

773,959 
16,935,752 
7,545,223 

707,318 
1,194,313 

321,894 
16,431,388 

206.504 


1.572,421 
401,263 
1,838,044 
44,524,436 
2,029.259 
3,441,227 
4.149,349 
6,919,777 
59,854 
134,056 
6,061,432 
3.567,767 
732,163 
1.417,834 
9,640 
1,068,625 
2.882,234 
3,207 
87,333 
3,089 
2,803,217 

242,009 
3,563,498 
4,340,652 
4,351,739 
4,222,218 
1,620 
227,064 
454,703 
1,338,329 
738,858 
116.475 
540 
1,650,158 
3,706,293 
2,202,181 
127,965 
13,865,895 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


57.252 
1.141,364 
8.613,018 
1,707,545 
1,769,201 
1,187,984 
2,133,948 
3,837,709 

94,714 

551,312 
8,800,382 

199,001 

505,861 
3,833,241 
2,152,781 
1,285,727 
-2,023,976 
6,314,147 

775,200 
7,713,216 
2,209,194 
2,471,762 
1,482,077 
10,716,652 
4,177,362 

376,106 
10,889,084 
4,680,862 

687,774 

372,065 
-26,847 
10,447,804 

168,035 
-20 

464,882 

103,713 
1,108,460 
28,968,295 
1,214.527 

823,066 
2,230,505 
3,724,712 

984,837 
13,500 
4,032,760 
2,262,053 

495,996 

654,011 


429,268 
1,956.762 
3,341 
40.735 
406.822 
1,470,908 

112,683 
1,596.609 
2,407,100 
3,112,125 
2,666,555 
1,327 
30,026 
188.680 
787,907 
232,878 
25,516 


1,397,723 
2,201,451 
1,390,290 
43,550 
9,909.591 


STATISTICAL  TABLES  FOR  1973 


331 


TABLE  IX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973,  ACCORDING 
TO  CLASSES  OF  INSURANCE 


PROPERTY  (Cont'd) 


Companies 


Phoenix  Assce.  of  London. . . . 

Pilot  

Pitts  Insurance  

Portage  La  Prairie  Mutual. . . 

Protection  Mutual  

Providence  Washington  

Provident  Assurance  

Provincial  Insurance  

Prudential  Assur.  England.. 

Quebec  Assurance  

Queensland  

Reliance  of  Philadelphia  

Retail  Lumbermens  Mutual.. 

Royal  Exchange  

Royal  General  Canada  

Royal  Insurance  

Safeco  

St.  Paul  Fire  &  Marine  

Saskatchewan  Mutual  

Scottish  &  York  

Scottish  Canadian  

Scottish  Union  &  National. . . 

Seaboard  Surety  Co  

Security  Mutual  Casualty. .  . 

Security  National  

Sentry  Insurance  Mutual. . .  . 

Service  Fire  Insurance  

Simcoe  &  Erie  

Stanstead  &  Sherbrooke  

State  Assurance  Co.  Ltd  

State  Farm  Fire  &  Casualty. 

Sun  Alliance  Ins.  Co  

Sun  Insurance  Office  

Switzerland  General  

Tokio  Marine  

Toronto  General  

Traders  General  

Transamerica  Inc.  Co  

Transport  Indemnity  

Transport  Insurance  

Transportation  Fire  Cas  

Travelers  Indemnity  

Travelers  Indemnity  of  Can.. 

Unigard  Mutual  

Union  of  Canton  

Union  Marine  &  General.  .  .  . 

United  Canada  Insurance  Co 

United  Provinces  

United  States  Fidelity  Guar. . 

United  States  Fire  

Unity  Fire  &  General  Ins. .  .  . 

Upper  Canada  

Utica  Mutual  

Victoria  Ins.  Co  

Waterloo  Mutual  

Wawanesa  Mutual  

Wellington  Fire  

Western  Assurance  

Western  Farmers  Mutual. . . 

York  Fire  &  Casualty  

Yorkshire  Insurance  

Zurich  


ONTARIO 


Direct 
Premiums 
Written 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


43,455 
5,089,010 
231,091 
699,868 
443,848 
93,887 
613,010 
329,217 
4,006,085 
6,141 
813 
3,457,625 
484 
576,765 
27,058 
9,854,897 
698,677 
5,059,758 

"2j388i253 
15,013 
529,951 
519 
140,826 
30,129 
158,597 
164,784 
3,391,847 
841,638 


3,962,108 
576,610 
1,812,970 
135,453 
6,206 
28,069 
396,131 
-251 
81,296 
22,203 
266,309 
735,638 
3,313,493 
600,541 
869,877 
482 
119,708 
559,445 
2,758,520 
5,174,370 
173,899 
7,286 
109,829 
198,827 
3,645,860 
2,934,449 
3,484,181 
10,307,152 
3,795,305 
113,486 
1,872 
4,709,496 


1,164 
2,289,700 
59,188 
331,831 
47,227 
58,282 
519,639 
237,975 
2,867,671 
2,847 
419 
2,030,998 


306,481 
36,253 
5,922,199 
322,627 
1,995,895 
1,247 
1,145,597 
-2,907 
335,984 


80,637 
2,000 
192,448 
43,612 
1,529,200 
535,550 


1,800,505 
578,130 
1,157,201 
47,770 
-54,554 
54,888 
102,071 
-280 
53,200 
11,407 
159,318 
1,493,292 
1,084,708 
112,218 
357,272 


146,336 
504,481 
1,043,042 
4,032,458 
92,652 
306 
75,719 
85,345 
1,780,154 
2,172,056 
2,701,009 
6,477,462 
2,347.674 
120,126 
-17,315 
2,432,101 


Ratio 


2.7 
45.0 
25.6 
47.4 
10.6 
62.1 
84.8 
72.3 
71.6 
46.4 
51.5 
58.7 

53!i 
134.0 
60.1 
46.2 
39.4 

48!4 

63"4 

"57.3 
6.6 
121.3 
26.5 
45.1 
63.6 


45.4 
100.3 
63.8 
35.3 


195.5 
25.8 

65"4 
51.4 
59.8 
203.0 
32.7 
18.7 
41.1 


122.2 
90.2 
37.8 
77.9 
53.3 
4.2 
68.9 
42.9 
48.8 
74.0 
77.5 
62.8 
61.9 

105.9 


51.6 


CANADA 


Direct 
Premiums 
Written 


83,577 
5,089,010 
611,290 
3,877,231 
2,559,430 
352,228 
8,384,486 
1,348,486 
15,522,145 
2,038,994 
604,309 
5,812,782 
9,433 
2,035,711 
634,471 
27,600,458 
2,999,609 
9,320,160 
2,387,870 
4,292,446 
195,372 
1,183,602 
878 
543,080 
124.086 
435,224 
449.989 
6,350,489 
3,491,215 
33,093 
5,297,288 
2,617,029 
4,627,917 
830,800 
16,013 
50,091 
933,174 
228 
339.037 
248,484 
266,309 
2,356,291 
12,773,438 
5,194,143 
2,232,872 
4,851 
712,011 
5,478,353 
5,821,939 
14,346,102 
254,425 
7,286 
265,642 
788,149 
3,645,860 
14,802,842 
4,214,402 
15,346,931 
3,795,305 
113,486 
457,833 
10.252,168 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


$ 

% 

23,033 

27.6 

2,289,700 

45.0 

245,400 

40.1 

3,174,829 

81.9 

638,644 

25.0 

209,625 

59.5 

6,162,608 

73.5 

694,154 

51.5 

11.076,706 

71.4 

860,614 

42.2 

342,884 

56.7 

3,789,257 

65.2 

401,488 

1,082,953 

53.2 

408,094 

64.3 

16,131,492 

58.4 

1,324,084 

44.1 

4,388,012 

47.1 

1,542,532 

64.6 

1,976,750 

46.1 

108,360 

55.5 

812,584 

68.7 

338,872 

62.4 

7,000 

5.6 

249,177 

57.3 

154,170 

34.3 

3,451,067 

54.3 

2,012,476 

57.6 

12,162 

36.8 

2,500,595 

47.2 

1,490.717 

57.0 

3,406,083 

73.6 

513,394 

61.8 

26,345 

164.5 

104,831 

209.3 

253,393 

27.2 

-280 

298,722 

88.1 

236,797 

95.3 

159,318 

59.8 

3,095,848 

131.4 

7,353,207 

57.6 

2,715,334 

52.3 

1,218,527 

54.6 

3,398 

70.0 

762,617 

107.1 

3,451,089 

63.0 

3,164,353 

54.4 

10,008,028 

69.8 

118,818 

46.7 

306 

4.2 

193,134 

72.7 

1,401,935 

177.9 

1,780,154 

48.8 

9,650,878 

65.2 

3,389.640 

80.4 

9,530,364 

62.1 

2,347,674 

61.9 

120,126 

105.9 

439,612 

96.0 

5,858,591 

57.1 

332 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  IX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


PROPERTY  (Cont'd) 


ONTARIO 

CANADA 

Companies 

Direct 

l'k'l  MUMS 

Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

UNLICENSED  INSURERS 

$ 

$ 

% 

$ 

$ 

% 

Ancienne  Mtituelle  Accidents 
General  Security  Assurance. 
Firemens  Insurance  Company 

Fidelity  and  Casualty  New 

York  

Canners  Exchange  Subscriber 
Lumber  man's  Underwriting 

Retail  Lumberman's 

Inter.  Ins  

Warner  Reciprocal  Insurer.  .  . 

374 
l  '.>:.,!>  l;i 
3,870 
23,368 

2,670 
124,615 

549,165 

34,547 

-4J42 

603 
91,988 
496 
107 

888 
10,449 

191,592 

6,014 
10,971 

161.2 
47.0 
12.8 
.5 

33.3 
8.4 

34.9 

17.4 

474,457 
401,965 
23,796 
3,445,899 

313,205 
298,054 

3,741,835 

34,231 
4,945 

256,775 
188,537 
17,042 
3,070,096 

232,801 
37,674 

2,730,375 

6,014 
5,908 

54.1 
46.9 
71.6 
89.1 

74.3 
12.6 

73.0 

17.6 
119.5 

Totals  for  1973  

288,477,875 

171,864,460 

59.6 

775,349,435 

504,182,584 

65.0 

Totals  for  1972  

254,948,599 

130,842,747 

51.3 

678,219,138 

402,391,079 

59.3 

Totals  for  1971  

231,562,592 

129,841,680 

56.0 

613,917,174 

351,526,436 

57.2 

Totals  for  1970  

216,566,209 

122,376,508 

56.5 

566,852,025 

313,137,465 

55.2 

Totals  for  1969  

201,556,847 

96,548,932 

47.9 

519,588,811 

291,883,635 

56.2 

STATISTICAL  TABLES  FOR  1973 


333 


TABLE  IX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973,  ACCORDING 
TO  CLASSES  OF  INSURANCE 

PROPERTY  (Cont'd) 


Companies 


FARMERS'  MUTUALS 


Algoma  

Amherst  Island  

Ayr  Farmers  

Bay  of  Quinte  Agricultural. 

Bertie  &  Clinton  

Blanshard  

Brant. 


Canadian  Millers. . 
Caradoc  Farmers. . 

Cayuga  

Culross  

Downie  

Dufferin  

Dunwich  Farmers. 
East  Williams.  .  .  . 


Ekfrid  

Elma  Farmers  

Erie  Farmers  

Farmers  (Lindsay)  

Formosa  

Germania  Farmers  

Glengarry  Farmers  

Grenville  Patron  

Grey  &  Bruce  

Halwell  

Hamilton  Township  

Hay  Township  

Howard  Farmers  

Howick  Farmers  

Kent  &  Essex  Farmers  

Lambton  Farmers  

Lanark  County  Farmers  

Lennox  &  Addington  

Lobo  

London  Township  

McGillivray  

McKillop  

Norfolk  

North  Blenheim  Farmers  

North  Dumfries  &  South  Waterloo. 

North  Kent  

Oxford  

Peel  

Peel  &  Maryborough  

Prescott  Farmers  

South  Easthope  Farmers  

Southwold  Farmers  

Townsend  Farmers  

Usborne  &  Hibbert  

Wabisa  

West  Wawanosh  

Westminster  

Yarmouth  


Totals  for  1973. 
Totals  for  1972 . 
Totals  for  1971. 
Totals  for  1970. 
Totals  for  19G9 . 


Direct 
Premiums 
Written 


69,084 
6,533 
156,384 
308,735 
255,827 
55,625 
163,088 
123,084 
68,431 
152,953 
70,433 
128,232 
329,531 
164,233 
96,521 
91,717 
100,114 
145,270 
967,315 
377,236 
157,982 
255,766 
634,866 
202,141 
324,461 
464,004 
244,974 
246,692 
427,862 
548,594 
456,319 
880,373 
216,948 
71,840 
82,414 
73,713 
154,379 
136,751 
145,027 
174,150 
154,386 
328,303 
520,277 
243,672 
123,214 
254,107 
55,418 
76,388 
295,774 
127,172 
294,250 
40,484 
50,375 


12,291,422 
10,698,639 
10,070,643 
7,869,344 
8,373,291 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


21,012 
138 
71,361 
167,799 
236,780 
44,086 
102,795 
64,330 
4,722 
92,024 
5,704 
96,205 
150,144 
69,717 
66,276 
67,531 
14,419 
103,540 
413,990 
194,645 
52,700 
235,775 
511,287 
100,759 
230,069 
225,476 
118,426 
80,628 
157,663 
250,794 
193,392 
600,464 
124,041 
43,911 
10,565 
38,979 
102,879 
30,132 
152,633 
130,271 
40,422 
128,107 
183,463 
195,121 
123,214 
128,374 
13,817 
37,901 
94,717 
37,756 
86,152 
20,553 
26.712 


6,494,371 
5,767,688 
6,671,539 
4,909,298 
4,765,216 


Ratio 


30.4 
2.1 
45.8 
54.6 
92.5 
79.3 
63.1 
52.3 
6.9 
60.1 
8.1 
75.2 
45.5 
42.5 
68.7 
73.6 
14.4 
71.4 
42.8 
51.6 
33.4 
92.2 
80.5 
49.9 
71.0 
48.6 
48.3 
32.7 
36.8 
45.7 
42.4 
68.2 
57.2 
61.2 
12.8 
52.9 
66.8 
22.0 
105.3 
74.9 
26.2 
39.1 
35.3 
80.0 
100.0 
50.5 
24.9 
49.6 
32.0 
29.7 
29.3 
51.4 
53.0 


52.8 
53.9 
66.2 
62.4 
56.9 


884 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  IX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

PROPERTY  (Concl'd) 


ONTARIO 

CANADA 

Com  pa  niks 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

RECAPITULATION 

$ 

$ 

% 

$ 

$ 

% 

288,477,875 

171,864,460 

59.6 

775,349,435 

504,182,564 

65.0 

Farmers'  Mutual-* 

12,291,422 

6,494,371 

52.8 

12,291,422 

6,494,371 

52.8 

Totals  for  1973  

300,769,297 

178,358,831 

59.3 

787,640,857 

510,676,935 

64.8 

Totals  for  1972  

265,647,238 

136,610,435 

51.4 

688,917,777 

408,158,767 

59.2 

Totals  for  1971  

241,633,235 

136,513,219 

56.4 

623,987,817 

358,197,975 

57.4 

Totals  for  1970  

224,435,553 

127,285,806 

56.7 

574,721,369 

318,046,763 

55.3 

209,930,138 

101,314,148 

48.2 

527,962,102 

296,648,851 

56.1 

STATISTICAL  TABLES  FOR  1973 


335 


TABLE  X.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973,  ACCORDING 
TO  CLASSES  OF  INSURANCE 

HAIL 


Companies 


Aetna  Insurance  ■■■■  ■ 

American  Empire  Insurance  Co... 

American  Insurance  

American  National  Fire  Ins  

Anglo  Canada  

Continental  Insurance  

Coronation  Insurance  

Dominion  Ins.  Corp  

Federation  Insurance  Co.  of  Can. . 

Fireman's  Fund  

Florists  Mutual  

Gibraltar  General  Ins.  Co  

Great  American  Insurance  

Great  Eastern  Insurance  

Hanover  

Insurance  of  North  America  

Niagara  Fire  • 

North  Waterloo  Farmers  Mutual. 
Otter- Dorchester  Mutual  Ins.  Co, 

Pacific  Employers  

Reliance  of  Philadelphia  

Royal  General  Canada  

St.  Paul  Fire  &  Marine  

Simcoe  &  Erie  

Transportation  Fire  Cas  

Travelers  Indemnity  

UNLICENSED  INSURERS 
General  Security  Assurance  

Totals  for  1973  

Totals  for  1972  

Totals  for  1971  

Totals  for  1970  

Totals  for  1969  


ONTARIO 


Direct 
Premiums 
Written 


916,434 
226,874 
280,409 


161,453 


28,553 
99,820 


38,238 


2,679,853 
2,692,756 
2,252,660 
2,508,385 
3.095,380 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


264,881 
60,501 
71,299 
573 
41,739 

""l6i622 
47,262 


8,959 


478 

29,819 
208,413 
2,662 

12,999 
58,000 
29,400 

43.6 
27.8 

191 

54 

633,498 
53,166 

174,462 
16,665 
316 

27.5 
31.3 

460 

341 

74.1 

798,688 
484,022 
919,846 
740,292 
943,427 


Ratio 


28.9 
26.7 
25.4 


25. 


37.2 
47.3 


23.4 


29.8 
18.0 
40.8 
29.5 
30.4 


CANADA 


Direct 
Premiums 
Written 


286,388 
353,633 
312,885 

81,602 
916,434 
657,538 
280.409 
312,816 
161,453 
416,466 

51,406 

99,820 
459,345 

38,238 
118,507 
420,219 
135 

29,819 
208,413 
2,662 
388.816 

73.437 
266,871 
633,498 

53,166 

187,637 

1,114 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


6,812,727 
6,682,047 
6,676,715 
5,500,597 
6,567,652 


211,277 
284,293 
119,816 
32,130 
264,881 
591,982 
71,299 
200,729 
41,739 
258,504 
11,062 
47,262 
276,798 
8,959 
142,205 
306,022 
4,677 
12,999 
58,000 
29,400 
247,163 
124,216 
280,664 
174,462 
16,665 
103,835 

652 


3,921,691 
2,818,201 
4,117,429 
2,415,607 
3,782,310 


398  ANNUAL  REPORT —  SUPERINTENDENT  OF  INSU RAN CE 

TABLE  X.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  AGCORDING 
TO  CLASSES  OF  INSURANCE 


HAIL  (Goner d) 


Companies 

Direct 
Premiums 
Written 

Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

FARMERS'  MUTUALS 

$ 

$ 

% 

North  Blenheim  Mutual  

2,776 
4,685 

1,207 

25.8 

Totals  for  1973  

7,461 

1,207 

16.2 

Totals  for  1972  

18,228 
34,073 

Totals  for  1971  

10,241 

30.1 

ONTARIO 

CANADA 

Companies 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

RECAPITULATION 

$ 

$ 

% 

$ 

$ 

% 

Insurance  Companies  

2,679,853 

798,688 

29.8 

6,812,727 

3,921,691 

57.6 

Farmers'  Mutuals  

7,461 

1,207 

16.2 

7,461 

1,207 

16.2 

Totals  for  1973  

2,687,314 

799,895 

29.8 

6,820,188 

3,922,898 

57.5 

Totals  for  1972  

2,710,984 

484,022 

17.8 

6,700,275 

2,818,201 

42.0 

Totals  for  1971  

2,286,733 

930,087 

40.6 

6,710,788 

4,127,670 

61.5 

Totals  for  1970  

2,508,385 

740,292 

29.5 

5,500,597 

2,415,607 

43.9 

Totals  for  1969  

3,095,380 

943,427 

30.4 

6,567,652 

3,782,310 

57.5 

STATISTICAL  TABLES  FOR  1973 


337 


TABLE  XI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE 


ONTARIO 

CANADA 

Direct 

Direct 

Direct 

Losses  and 

Direct 

Losses  and 

Premiums 

Adjustment 

Ratio 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Written 

Expenses 

Incurred 

Incurred 

$ 

$ 

% 

$ 

$ 

% 

2,640,236 

1,662,885 

63.0 

3,034,460 

1,849,717 

61.0 

2,739,970 

2,377,675 

86.8 

5,042,455 

3,771,176 

74.8 

463,311 

836,350 

180.5 

649,252 

979,020 

150.8 

3,069 

2,880 

93.8 

11,124 

11,515 

103.5 

325,578 

257,060 

79.0 

935,106 

685,200 

73.3 

74,676 

372,911 

499.4 

1,167,147 

1,375,744 

117.9 

125,185 

186,813 

149.2 

113,605 

210,040 

184.9 

20,564,598 

15,333,311 

74.6 

41,782,657 

33,334,098 

79.8 

682,373 

536,161 

78.6 

682,404 

536,157 

78.6 

680 

-1,344 

1,532 

6,577 

429.3 

126,302 

13,578 

10.8 

337,712 

46,354 

13.7 

2,533,212 

1,676,831 

66.2 

3,030,983 

1,870,196 

61.7 

169,985 

52,239 

30.7 

205,879 

132,548 

64.4 

2,061 

1,057 

51.3 

170,801 

54,423 

31.9 

25,067 

38,540 

130,652 

159,640 

122.2 

362,029 

470,739 

130.0 

534,918 

368,720 

68.9 

534,918 

368,720 

68.9 

160,906 

106,438 

66.1 

1,254,522 

1,270,051 

101.2 

184,433 

125,640 

68.1 

184,433 

125,644 

68.1 

4,919,842 

3,816,883 

77.6 

10,518,993 

8,343,524 

79.3 

99 

399 

5,204 

10,240 

196.8 

11,701 

68,368 

584.3 

2,314,359 

1,515,080 

65.5 

8,327,690 

4,758,612 

57.1 

535,042 

299,045 

55.9 

1,523,920 

914,203 

60.0 

8,478,882 

6,067,721 

71.6 

17,784,605 

12,975,888 

73.0 

-30,638 

-18,071 

9,295,558 

7,941,561 

85.4 

5.432,210 

4,100,146 

75.5 

15,654,243 

12,700,787 

81.1 

11,098 

-36,940 

12,818,279 

8,665,005 

67.6 

3.029 

95,196 

671,561 

428,814 

63.9 

578,621 

484,115 

83.7 

1,292,040 

964,395 

74.6 

5,161,905 

4,738,717 

91.8 

16,564,062 

15,834,002 

95.6 

51.461 

10,547 

20.5 

6,247,095 

4,091,200 

65.5 

4,317,514 

2,916,111 

67.5 

5,810,411 

3,977,690 

68.5 

3,168,517 

3,295,614 

104.0 

3,832,224 

3,781,326 

98.7 

1,514,631 

1,017,835 

67.2 

4,043,119 

3,310,765 

81.9 

177,214 

82,752 

46.7 

348,824 

209,484 

60.1 

3,189,154 

2,328,534 

73.0 

3,950,121 

3,071,060 

77.7 

-UW 

-80,290 

11,483,382 

10,856,343 

94.5 

12,067,803 

10,001,529 

82.9 

25,730,749 

22,429,937 

87.2 

43,325 

61,008 

140.8 

88,315 

195,428 

221.3 

542,744 

222,764 

41.0 

794,752 

392,257 

49.4 

6,738,624 

5,654,793 

83.9 

7,430,128 

6,045,200 

81.4 

1,541,757 

2,417,123 

156.8 

9,258,072 

10,025,227 

108.3 

2,813 

216 

7.7 

39,748,371 

35,759,186 

90.0 

49,111,009 

34,965,456 

71.2 

49,111,009 

34,965,456 

71.2 

1,202,996 

1,026,134 

85.3 

5,089,863 

3,921,906 

77.1 

378 

8,762 

17,012,241 

11,540,807 

67.8 

22,761,702 

15,972,518 

70.2 

6,187,127 

4,335,785 

70.1 

10,461,444 

6,842,861 

65.4 

10,475 

199,789 

-38,182 

281,172 

648,043 

345,697 

53.3 

734,423 

376,468 

51.3 

17,689,389 

13,292,786 

75.1 

22,769,924 

17,602,272 

77.3 

209,418 

132,177 

63.1 

1,650,355 

1,253,041 

75.9 

678,040 

675,804 

99.7 

735,954 

886,513 

120.5 

203,991 

84,883 

41.6 

743,202 

463,417 

62.4 

1,952,489 

1,815,147 

93.0 

2,561,533 

2,277,694 

88.9 

16,115 

20,237 

-420 

2,489,183 

2,070,114 

83.2 

2,980,614 

2,117,722 

71.0 

1,021.689 

355,766 

34.8 

2,401,473 

1,558,778 

64.9 

3,277,023 

2,400,767 

73.3 

5,948,627 

4,029,452 

67.7 

5,841,002 

3,581,834 

61.3 

20,570,765 

14,792,559 

71.9 

2,055,166 

1,409,156 

68.6 

5,918,403 

4,095,828 

69.2 

788,523 

r  o  O  Q1  9 

67.7 

2,ool  ,7o4 

1 ,645,515 

61 .4 

994,654 

757,384 

76.1 

3,134,913 

2,389,308 

76.2 

347,580 

173,089 

49.8 

2,141,368 

1,538,531 

71.8 

5,443,812 

5,144,346 

94.5 

9,133,658 

8,065,225 

88.3 

683,414 

337,859 

49.4 

1,980,447 

1,273,499 

64.3 

4,004 

2,210 

55.3 

15,768,733 

11,435,725 

72.5 

23,931,771 

17,752,565 

74.2 

890 

20,728 

199,415 

163,143 

81.8 

177,462 

109,531 

61.7 

582,142 

427,703 

73.5 

795,128 

476,882 

60.0 

5,924,625 

3,527,954 

59.5 

1,314,276 

983,398 

74.8 

1,592,141 

1,228,780 

77.2 

2,087,257 

1,805,629 

86.5 

2,087,257 

1,805,629 

86.5 

1,266,522 

1,194,884 

94.3 

2,430,995 

2,522,569 

103.8 

Companies 


Abstainers  Ins.  Co  

Aetna  Casualty  &  Surety  

Aetna  Insurance  

Affiliated  FM  

Albion  Insurance  

Alliance  Assurance  

Allstate  Ins.  Co  

Allstate  Ins.  Co.  of  Canada  

Alpina  Insurance  

American  Bankers  Ins.  Co.  of  Flo. 
American  Home  Assurance  Co. . . . 

American  Insurance  

American  Mutual  Liability  

American  National  Fire  Ins  

American  Reinsurance  Co  

Ameican  Road  Ins.  Co  

Anglo  Canada  

Bankers  &  Traders  Ins.  Co.  Ltd. .  . 

Bay  City  General  Ins.  Co  

British  America  

Buffalo  Ins.  Co  

Calvert  Fire  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Provincial  

Canadian  Surety  

Canadian  Universal  Ins.  Co  

Casualty  Co.  of  Canada  

Central  Mutual  Insurance  Co  

Century  Insurance  Co.  of  Canada 

Chrysler  Ins.  Co  

CNA  Assurance  Co  

Commerce  General  

Commercial  Union  Ass.  London.  . 

Commonwealth  Insurance  Co  

Consolidated  Fire  Casualty  

Constitution  Ins.  Co.  Canada.  .  .  . 

Continental  Insurance  

Co-operative  Fire  Casualty  Co... . 

Co-operators  Ins.  Assoc  

Cornhill  Ins.  Co  

Cumis  Insurance  

Dominion  of  Canada  General  

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Economical  Mutual  

Elite  Insurance  

Emmco  Insurance  

Employers'  Mutual  Fire  Ins.  Co. . 

Employers'  Mutual  Liability  

Employers'  Reinsurance  

English  &  American  Ins.  Co  

Equitable  General  

Excess  Insurance  Co  

Federal  Fire  

Federal  Insurance  

Federated  Mutual  Ins.  Co  

Federation  Insurance  Co.  of  Can.. 

Fidelity  Ins.  of  Canada  

Fire  Insurance  of  Canada  

Fireman's  Fund  

First  Nat.  Ins.  of  America  

Foremost  

General  Accident  of  Canada  

(General  Accident  Fire  Life  

!  General  Ins.  of  America  

General  Security  of  Canada  

Gerling  Global  General  

Gibraltar  General  Ins.  Co  

Globe  Indemnity  of  Canada  


338 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


TABLE  XI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE  (Cont'd) 


COMI'AMKS 


Gore  Mutual  

Great  American  Insurance  

Groat  Kastern  Insurance  

Guarantee  Co.  of  N.A  

Guardian  Assurance  

Guardian  Insurance  of  Canada..  . 

Halifax  Insurance  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Ideal  Mutual  .  

Imperial  Guar.  &  Accident  

Insurance  of  North  America  

Insurance  Corp.  of  Ireland  

Law  Union  &  Rock  

Liberty  Mutual  Fire  

Liberty  Mutual  Insurance  

Liverpool  &  London  Globe  

Llovds  

London  &  Edinburgh  

London  Lancashire  Insurance.  . .  . 

London  and  Midland  

London  Assurance  

Lumbermen's  Mutual  Casualty. . . 

Markel  Ins.  Co.  of  Canada  

Maryland  Casualty  

Merit  Insurance  

Middlesex  Mutual  Ins.  Co  

Missisquoi  &  Rouville  

Motors  Insurance  

National  Employers  

New  Hampshire  Insurance  Co.. .  . 

New  India  Assurance  

Niagara  Fire  

North  British  &  Mercantile  

Northumberland  General  Ins.  Co. 

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee  

Old  Republic  Ins.  Co  

Olympic  Insurance  

Orion  Insurance  

Pacific  Employers  

Pafco  Ins.  Co.  Ltd  

La  Paix  General  

Pearl  Assurance  Co  

Perth  Ins.  Co  

Phoenix  Assur.  of  Canada  

Pilot  

Pitts  Insurance  

Portage  La  Prairie  Mutual  

Premier  Insurance  

Provident  Assurance  

Provincial  Insurance  

Prudential  Assur.  England  

Quebec  Assurance  

Queensland  

Reliance  of  Philadelphia  

Royal  Exchange  

Royal  General  Canada  

Royal  Insurance  

Safeco  

St.  Paul  Fire  &  Marine  

Saskatchewan  Mutual  

Scottish  &  York  

Scottish  Canadian  

Scottish  Union  &  National  

Security  Mutual  Casualty  

Sentry  Insurance  Mutual  

Service  Fire  Insurance  

Simcoe  &  Erie  

Stanstead  &  Sherbrooke  

State  Farm  Fire  &  Casualty  

State  Farm  Mutual  Auto  


ONTARIO 


Direct 
Premiums 
Written 


13,142,843 
5,202,279 
2,794,761 
3,126,536 
724,931 
9,936,450 
5,115,070 
11,573,388 
8,338,063 
703,610 
119,618 
553,745 
4,252,208 
393 

""5"49lii'04 
377,763 
1,141,059 
7,054,817 
3,384,279 
2,162,784 
58,703 
2,859,585 
10,254,331 
2,390,580 
1,522,714 
2,028,811 
43,050 
1,791,082 
2,506,255 
178 
649,199 
283 


1,636,263 
26,709 
2,602,246 
3,714,093 
4,414,316 
11,842 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


22 

349,785 
2,733,317 
55,161 
3,112,013 
1,878,284 
5,711,736 
15,224,028 
220,579 
1,922,768 
250,824 
1,873,927 
630,525 
6,616,288 
1,496 

""Moi'lifte 

972,709 
16,905 
17,754,005 
4,049,232 
2,252,623 


4,776,007 
70,009 
663,876 
810,966 
3,122 
69,378 
1,852,898 
834,411 


27,749,564 


9,916,621 
3,383,417 
1,907,541 
2,195,127 
390,493 
7,357,454 
3,685,744 
8,302,386 
5,225,582 
428.521 
103,486 
403,790 
3,102,110 
416 
-1,764 
3,579,624 
88,762 
725,908 
6,232,854 
2,786,313 
1,590,966 
23,875 
2,115,101 
7,497,098 
1,887,029 
489,492 
1,360,201 
76,721 
1,034,685 
1,749,254 
-18 
760,957 
-3,859 
29,112 
950,099 
7,589 
1,501,450 
2,196,500 
2,946,234 


-5,200 
-20,473 

134,146 
1,410,232 
36,640 
2,717,084 
1,292,331 
4,732,521 
9,589,448 

146,014 
1,643,797 

276,527 
1,738,976 

438,820 
5,267,864 

-4,859 


2,557,947 
521,593 
22,661 
13,760,165 
2,692,716 
2,039,986 
-30,290 
3,078,476 
-9,970 
516,331 
759,583 
132 
48,292 
1,416,926 
664,396 
3,784 
19,457,616 


% 

75.5 
65.0 
68.3 
70.2 
53.9 
74.0 
72.1 
71.7 
62.7 
60.9 
86.5 
72.9 
73.0 
105.9 


65.2 
23.5 
63.6 
88.3 
82.3 
73.6 
40.7 
74.0 
73.1 
78.9 
32.1 
67.0 
178.2 
57.8 
69.8 


117.2 


58.1 
28.4 
57.7 
59.1 
66.7 


38.4 
51.6 
66.4 
87.3 
68.8 
82.9 
63.0 
66.2 
85.5 
110.2 
92.8 
69.6 
79.6 


75.2 
53.6 
134.0 
77.5 
66.5 
90.6 


CANADA 


64.5 

77"8 
93.7 
4.2 
69.6 
76.5 
79.6 

70"  1 


Direct 
Premiums 
Written 


18,289,564 
8,455,799 
10,756,932 
7,115,483 
2,510,673 
32,084,244 
10,429,578 
21,263,029 
14,178,896 
1,002,980 
169,803 
1,700,441 
11,224,343 
380,647 


11,852,677 
562,075 
2,691,514 
37,199,105 
12,931,900 
3,222,407 
63,890 
6,258,865 
12,800,838 
6,909,871 
7,965,575 
7,801,642 
1,632,029 
5,581,985 
6,722,953 
707,354 
4,742,850 
-3,538 
131 

5,164,480 
269,298 
7,441,242 
7,340,634 
6,696,057 
23,682 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


-79 
784,876 
2,733,317 
2,962,873 
5,650,401 
2,479,357 
11,384,561 
15,224,028 
220,809 
4,123,705 
250,824 
16,768,443 
1,898,457 
30,488,176 
2,320,424 
342,443 
5,845,159 
3,149,696 
609,633 
41,552,512 
11,167,198 
3,608,153 
2,626,326 
6,416,323 
300,206 
1,217,649 
2,057,731 
3,122 
262,261 
1,847,615 
4.362,866 


Ratio 


34,781,684 


15,561,047 
5,423,728 
7,554,005 
4,991,946 
1,343,193 
24,240,183 
7,914,718 
17,030,603 
9,775,675 
700,037 
328,590 
1,377,017 
8,664,573 
225,993 
-1.411 
7,657,178 
301,089 
2,018,265 
27,663,450 
10,585,954 
2,512,680 
154,428 
5,266,037 
9,389,996 
4,486,391 
4,686,031 
6,232,816 
908,509 
2,804,893 
5,222,575 
762,573 
3,935,829 
-6,254 
137,064 
2,708,873 
94,099 
4,989,416 
4,736,657 
4,462,589 
1,506 
-8,239 
-22,087 
322,036 
1,410,232 
2,394,688 
5,144,925 
1,865,635 
9,465,198 
9,589,448 
146,299 
3,422,769 
276,527 
12,258,429 
1,585.859 
23,319,786 
1,480,522 
461,673 
4,568,690 
1,761,280 
559,418 
31,512,562 
7,581,486 
3,100,729 
2,057,500 
4,325,217 
162,220 
917,824 
1,711,692 
132 
237,818 
1,407,520 
3,157,501 
3,100 
24.735,402 


85.1 
64.1 
70.2 
70.2 
53.5 
75.6 
75.9 
80.1 
68.9 
69.8 
193.5 
81.0 
77.2 
59.4 

64"6 
53.6 
75.0 
74.4 
81.9 
78.0 

241.7 
84.1 
73.4 
64.9 
58.8 
79.9 
55.7 
50.2 
77.7 

107.8 
83.0 


52.5 
34.9 
67.1 
64.5 
66.6 
6.4 


41.0 
51.6 
80.8 
91.1 
75.2 
83.1 
63.0 
66.3 
83.0 

110.2 
73.1 
83.5 
76.5 
63.8 

134.8 
78.2 
55.9 
91.8 
75.8 
67.9 
85.9 
78.3 
67.4 
54.0 
75.4 
83.2 
4.2 
90.7 
76.2 
72.4 


71.1 


STATISTICAL  TABLES  FOR  1973 


339 


TABLE  XI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


AUTOMOBILE  (Concl'd) 


ONTARIO 

CANADA 

Companies 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

$ 

$ 

% 

S 

$ 

% 

1,154,119 
3,642,848 
180,399 
5,228 
13,594 
360,691 
747,469 
376,294 
-307,774 
11,987,767 
910,470 
1,221,825 
703,372 
1,310,840 
3,072,228 
418,825 
443,413 

544,307 
3,068,781 
121,493 
118,376 
106,350 
302,018 
1,269.012 
346,417 
-384,039 
8,018,105 
766,090 
565,094 
399,187 
1,147!936 
2,241,937 
482,733 
304,071 
207 

47.2 
84.2 
67.3 

4,770,238 
7,303,448 
1,039,651 
6,832 
58,601 
1,389,144 
2,745,927 
376,294 
-473,065 
38,261,300 
11,512,832 
2,545,339 
4  222  075 
1U03!939 
6,709,008 
1,548,955 
514,189 

2,303,389 
6,378,694 
944,578 
111,506 

48.3 
87.3 
90.9 

Traders  General  

782.3 

—48,740 
1,033,789 
3,174,284 
346,417 
-416,543 
27.252,899 
11,977,210 
1,421,244 
2  940,331 
7!89l!l50 
5,505,418 
1,559,479 
355,235 
207 

Transport  Indemnity  

Transportation  Fire  Cas  

83.7 
169.8 
92.1 

74.4 
115.6 
92.1 

Travelers  Indemnity  of  Canada.  . 

T  Tn i 0*5}  rH  A/Tn  t n  1 

United  Canada  Insurance  Co  

66.9 
84.1 
46.2 
56  8 
87!6 

71.2 
104.0 
55.8 
69.6 
71.1 

United  States  Fidelity  Guar  

73.0 
115.3 
68.6 

82.1 
100.7 
69.1 

Utica  Mutual  

Western  Assurance  

York  Fire  &  Casualty  

6,982 
483467 
3,220,183 
10,437,110 
1L520!032 
20  117,596 
26L515 
18  413 
19,787!004 

6,529 
318,848 
2,071,696 
7  556,152 
9,1  14,589 
13  756,368 
394I468 
—36,471 
14.08L923 

93.5 
66^0 
64.3 
72.4 
79.' 1 
68.4 
150^8 

10  774 
1,058,746 
3,220,183 
45,809,843 
14,'052,'880 
27,432,210 
26L515 
505,291 
34,538i814 

7  667 
1,049,235 
2,071,696 
36  193  890 
ll!776|809 
19  715  440 
394, 468 
150,232 
27,368401 

71.2 
99.1 
64.3 
79  0 
83.8 
71.9 
150.8 
29  7 

71.2 

79.2 

UNLICENSED  INSURERS 

$ 

$ 

% 

$ 

$ 

% 

Ancienne  Mutuelle  Accidents.  . . . 

Firemens  Insurance  Company  

Fidelity  and  Casualty  New  York. 

-17 
29,664 
451 
1,197 
81,852 

46 
18,851 
84,380 
2,549 
55,538 

63.5 

212.9 
67.9 

1,126,208 
60,940 
354 
234,310 
212,467 

943,451 
38,685 
80,433 
130,553 
162,919 

83.8 
63.5 

55.7 
76.7 

Totals  for  1973  

548,791,552 

401,966,473 

73.2 

1,221,253,853 

931,259,347 

76.3 

Totals  for  1972  

490,233,347 

355,347,338 

72.5 

1,105,522,741 

793,296,579 

71.8 

Totals  for  1971  

426,893,403 

301,624,304 

70.6 

1,004,105,442 

696,527,382 

69.3 

Totals  for  1970  

377,898,371 

244,828,896 

64.7 

935,055,260 

600,229,744 

64.1 

Totals  for  1969  

339,852,927 

227,776,885 

67.0 

829,692,485 

561,841,690 

67.7 

340 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XI(A)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE—  LIABILITY 


COMIWNIE! 


Abstainers  Ins.  Co  

Aetna  Casualty  ,S:  Surety  

Aetna  Insurance  

Affiliated  KM  

Albion  Insurance  

Alliance  Assurance  

Allstate  Ins.  Co  

Allstate  Ins.  Co.  of  Canada  

Alpina  Insurance  

American  Home  Assurance  Co  

American  Insurance  

American  Mutual  Liability  

American  National  Fire  Ins  

American  Re  Insurance  Co  

Anglo  Canada  

Bankers  &  Traders  Ins.  Co.  Ltd.. 

Bay  City  General  Ins.  Co  

British  America  

Buffalo  Ins.  Co  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Provincial  

Canadian  Surety  

Canadian  Universal  Ins.  Co  

Casualty  Co.  of  Canada  

Central  Mutual  Insurance  Co..  .  . 
Century  Insurance  Co.  of  Canada 

CNA  Assurance  Co  

Commerce  General  

Commercial  Union  Ass.  London.  . 

Commonwealth  Insurance  Co  

Consolidated  Fire  Casualty  

Constitution  Ins.  Co.  Canada.  . .  . 

Continental  Insurance  

Co-operative  Fire  Casualtiy  Co. . . 

Co-operators  Ins.  Assoc  

Cornhill  Ins.  Co  

Cumis  Insurance  

Dominion  of  Canada  General.  .  .  . 

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Economical  Mutual  

Elite  Insurance  

Employers  Mutual  Fire  Ins.  Co..  . 

Employers  Mutual  Liability  

Employers  Reinsurance  

English  &  American  Ins.  Co  

Equitable  General  

Excess  Insurance  Co  

Federal  Fire  

Federal  Insurance  

Federated  Mutual  Ins.  Co  

Federation  Insurance  Co.  of  Can.. 

Fidelity  Ins.  of  Canada  

Fire  Insurance  of  Canada  

Firemans  Fund  

First  Nat.  Ins.  of  America  

Foremost  

General  Accident  of  Canada  

General  Accident  Fire  Life  

General  Ins.  of  America  

General  Security  of  Canada  

Gerling  Global  General  

Gibralter  General  Ins.  Co  

Globe  Indemnity  of  Canada  

Gore  Mutual  

Great  American  Insurance  

Great  Eastern  Insurance  


ONTARIO 


Direct 
Premiums 
Written 


1,565,162 
1,746,073 
298,080 
1,796 
195,403 
41,522 
104,418 
12,638,592 
40-1,018 
119,156 
1,495,480 
152,180 
1,584 
25,067 
312,721 
96,720 
108,879 
3,023,571 
99 

1,413,647 
320,469 
5,159,575 
-24,066 
3,543,371 
1,129 
1,572 
376,336 
3,163,848 
30,552 
2,591,399 
1,974,439 
932,436 
1,933,100 
-16,570 
7,544,627 
-1,387 
319,924 
4,034,055 
854,228 
1,397 
29,290,971 
740,992 
343 

10,581,313 
3,817,062 
4,980 
427,815 
10,871,812 
148,270 
123,751 
1,251,161 
10,581 


739,302 
1,963,781 
3,574,591 
766,374 
467,583 
596,523 
218,192 
3,296,410 
478,903 

"9^215.^682 
391 
104,082 
490,095 
787,334 
1,261,394 
845,731 
7,953,086 
3,316,254 
1,688,519 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


949,627 
1,333,318 
752,868 
953 
144,100 
247,889 
119,577 
10,031,048 
346,720 
-2,135 
1,017,850 
44,500 


211,232 
60,070 
103,610 
2,205,997 

91539 
161,548 
3,813,546 

 g  QQl 

2,878!047 
-52,319 
75,201 
310,958 
2,615,801 
2,287 
1,544,147 
2,335,292 
632,442 
1,514,417 
-91,479 
6,985,240 

93  ^l 
3,538,138 
1,461,439 
167 

11,367,437 
704,851 

'  0;0457l43 
2,508,647 
195,175 
174,586 
8,061,053 
75,181 
39,771 
1,282,022 


240,559 
1,525,376 
1,880,783 
803,704 
287,807 
473,292 
79,649 
3,403,843 
172,533 

7';2437i39 
19,287 
60,290 

299,375 

590,253 
1,121,382 

843,222 
5,962,285 
2,011,467 

977,714 


Ratio 


% 

60.7 
76.4 
252.6 
53.1 
73.7 
597.0 
114.5 
79.4 
74.6 


68.1 
29.2 


07. 5 
62.1 
95.2 
73.0 

"64.'8 
50.4 
73.9 

'8L2 


82.6 
82.7 
7.5 
59.6 
118.3 
67.8 
78.3 


92.6 

29.3 
87.7 
171.1 
12.0 
38.8 
95.1 

62.8 
65.7 

AO.'i 
74.1 
50.7 
32.1 
102.5 


32.5 
77.7 
52.6 

112.7 
61.6 
79.3 
36.5 

103.3 
36.0 

78:o 

57"9 
61.1 
75.0 
88.9 
99.7 
75.0 
60.7 
57.9 


CANADA 


Direct 
Premiums 
Written 


1,766,188 
3,179,187 
398,478 
6,658 
564,322 
678,419 
92,828 
25,093,845 
464,648 
312,128 
1,837,137 
183,652 
105,205 
38,540 
312,721 
087,222 
108,879 
6,519,107 
399 
5,070,974 
916,610 
10,969,191 
5,361,245 
9,854,683 
8,559,652 
389,847 
830,216 
10,025,772 
3,853,142 
3,490,318 
2,383,824 
2,586,191 
2,455,415 
7,600,951 
16,038,633 
-8,288 
452,543 
4,401,182 
5,585,048 
23,909,959 
29,290,971 
3,103,831 
7,875 
14,041,010 
6,208,587 
-32,670 
477,188 
13,857,422 
1,237,206 
409,337 
1,603,096 
13,054 
1,377,284 
1.932,289 
1,878,734 
3,588,949 
12,370,286 
2,221,469 
1,610,834 
1,933,101 
1,315,252 
5,330,462 
1,329,250 
1,370 
13,861,596 
118,629 
341,408 
3,783,479 
941,445 
1,201,394 
1,636,627 
10,684,663 
5,290,060 
6,558,758 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


1,012,441 
2,153,506 
840,768 
7,359 
435,616 
845,031 
130,595 
21,642,923 
346,716 
37,247 
1,140,192 
115,819 
14,611 

211,232 
798,453 
103,614 
4,798,338 

""2, 9051265 
446,543 
8,661,020 
5,186,592 
8,361,169 
6,453,799 
247,785 
639,059 
8,825,415 
2,882,922 
2,135,722 
2,657,195 
1,984,236 
1,847,427 
7,953,737 
15,844,936 
-7,298 
198,801 
3,744,442 
6,257,790 
22,392,279 
11,367,437 
2,611,964 


9,260,362 
3,484,725 
362,776 
189,613 
10,834,537 
870,963 
287,696 
1,559,699 


1,092,519 
1,550,791 
1,068,816 
2,486,066 
8,898,966 
2,349,435 

962,304 
1,545,760 

913,476 
5,013,098 

676,641 

i6'j08i880' 
100,464 
259,172 
2,188,943 
733,104 
1,121,382 
1,773,964 
9,229,725 
3,195,133 
4,645,860 


STATISTICAL  TABLES  FOR  1973 


341 


TABLE  XI(A)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


AUTOMOBILE— LIABILITY  (Cont'd) 


Companies 


Guarantee  Co.  of  N.A  

Guardian  Assurance  

Guardian  Insurance  of  Can  

Halifax  Insurance  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Ideal  Mutual  

Imperial  Guar.  &  Accident  

Insurance  of  North  America  

Insurance  Corp.  of  Ireland  

Law  Union  &  Rock  

Liberty  Mutual  Fire  

Liberty  Mutual  Insurance  

Liverpool  &  London  Globe  

Lloyds  

London  &  Edinburgh  

London  Lancashire  Insurance.  .  .  . 

London  and  Alidland  

London  Assurance  

Lumbermens  Mutual  Casualty.  .  . 

Markel  Ins.  Co.  of  Canada  

Maryland  Csualty  

Merit  Insurance  

Middlesex  Mutual  Ins.  Co  

Missisquoi  &  Rouville  

National  Employers  

New  Hamshire  Insurance  Co  

New  India  Assurance  

Niagara  Fire  

North  British  &  Mercantile  

Northumberland  General  Ins.  Co, 

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee.  .  .  . 

Old  Repulic  Ins.  Co  

Orion  Insurance  

Pacific  Employers  

Pafco  Ins.  Co.  Ltd  

La  Paix  General  

Pearl  Assurance  Co  

Perth  Ins.  Co  

Phoenix  Asse.  of  Canada  

Pilot  

Pitts  Insurance  

Portage  La  Prairie  Mutual  

Provident  Assurance  

Provincial  Insurance  

Prudential  Assurance  England.  .  . 

Quebec  Assurance  

Queensland  

Reliance  of  Philadelphia  

Royal  Exchange  

Royal  General  Canada  

Royal  Insurance  

Safeco  

St.  Pau   Fire  &  Marine  

Saskatchewan  Mutual  

Scottish  &  York  

Scottish  Canadian  

Scottish  Union  &  National  

Security  Mutual  Casualty  

Sentry  Insurance  Mutual  

Simcoe  &  Erie  

Stanstead  &  Sherbrooke  

State  Farm  Fire  &  Casualty.  .  . . 

State  Farm  Mutual  Auto  

Sun  Alliance  Ins.  Co  

Sun  Insurance  Office  

Switzerland  General  

Toronto  General  

Traders  General  

Transport  Indemnity  

Transport  Insurance  


ONTARIO 


Direct 
Premiums 
Written 


1,830,625 
439,207 
6,155,946 
3,051,180 
7,358,950 
5,227,490 
440,571 
108,321 
335,065 
2,925,815 
276 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


3,358,860 
330,927 
722,721 
4,847,379 
2,160,884 
1,462,698 
5,080 
1,726,859 
6,289,373 
1,438,818 
999,926 
1,215,969 
26,399 
988,002 
186 
389,375 
207 

976,445 
15,401 
1,608,435 
2,283,761 
2,679,215 
4,345 
22 

223,726 
2,186,015 
35,446 
1,852,100 

I,  132,151 
3,409,236 
9,005,859 

132,400 
1,242,485 
1,316,647 

396,364 
3,930,512 
883 

"'2412,263 
596,643 
10.036 

II,  434,781 
2,328,946 
1,382,048 

''"2363,874 
41,346 
394,325 
511,811 
2,176 
1,105,144 
499,342 

16j9487i43 
699,429 
2,371,177 
112,961 
3,411 
-9,100 
260,033 
687,922 


1,286,233 
207,371 
4,208,891 
2,195,168 
2,819,047 
3,261,834 
230,632 
86,737 
259,773 
2,002,359 

-364. 
2,376,842 
54,794 
394,730 
4,125,357 
1,775,223 
1,088,070 
29,938 
1,215,334 
5,070,148 
1,058,374 
164,644 
772,096 
63,796 
589,425 

443 /)4 5 
-764 
12,121 
464,803 
3,065 
828,563 
1,234,899 
1,840,045 


-12,349 
78,466 
974,544 
18,517 
1,752,512 
697,389 
2,888,434 
5,850,329 
89,302 

I,  013,424 
757,277 
227,348 

3,115,320 
-6,560 

"L588,666 
261,377 
21,404 
8,173,655 
1,737,913 
1,194,796 
-30,122 
1,602,558 
-14,578 
309,407 
447,370 
84 

845,713 
409,553 
4,001 

II,  724,657 
322,320 

2,081,357 
84,396 
129,888 
136,174 
222,498 

1,168,365 


Ratio 


70.3 
47.2 
68.4 
71.9 
38.3 
62.4 
52.3 
80.1 
77.5 
68.4 


70.8 
16.6 
54.6 
85.1 
82.2 
74.4 

589.3 
70.4 
80.6 
73.6 
16.5 
63.5 

241.7 
59.7 


113.8 


47.6 
19.9 
51.5 
54.1 
68.7 


35.1 
44.6 
52.2 
94.6 
61.6 
84.7 
65.0 
67.4 
81.6 
57.5 
57.4 
79.3 


75.2 
43.8 
213.3 
71.5 
74.6 
86.5 


56.0 

78"  5 
87.4 
3.9 
76.5 
82.0 

69"2 
46.1 
87.8 
74.7 


85.6 
169.8 


CANADA 


Direct 
Premiums 
Written 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


4,349,648 
1,501,488 
19,604,783 
6,097,484 
13,337,405 
8,620,388 
626,888 
158,161 
1,122,886 
7,450,469 
212,313 

''7487i097 
470,311 
1,689,786 

23,145,108 
7,954,693 
2,134,716 
7,380 
3,734,949 
7,965,030 
4,152,866 
4,993,047 
4,545,387 

I,  004,655 
3,482,284 

380,280 
2,936,554 

-2,583 
170 
3,106,607 

164,672 
4,438,560 
4,462,978 
4,194,865 
8,688 
-43 

504,941 
2,186,015 
1,884,092 
3,278,436 
1,454,053 
6,890,850 
9,005,859 

132,483 
2,279,990 

II,  781,762 
1,207,844 

17,954,812 
1,503,619 

204,010 
3,632,127 
1,864,542 

331,125 
27,055,338 
5,762,250 
2,176,533 
1,205,908 
3,883,684 

170,152 

719,717 
1,184,059 
2,176 
1,101,155 
2,737,503 

"2()J99,455 
2,862,604 
4,498,191 
605,566 
4,783 
-9,452 
1,001,476 
2,507,352 


3,129,165 
787,885 
14,093,496 
4,808,181 
8,761,860 
6,301,399 
331,473 
310,603 
774,079 
5,361,167 
95,481 
-26 
4,955,689 
240,327 
1,058,001 
17,570,496 
6,990,293 
1,681,990 
237,234 
2.955,131 
6,518,286 
2,519,939 
2,785,155 
3,811,940 
505,104 
1,712,368 
470,649 
2,408,235 
-3,155 
69,389 
1,522,715 
47,015 
3,077,064 
2,754,572 
2,792,869 
1,506 
-6,961 
167,375 
974,544 
1,767,571 
3,481,586 
1,069,028 
6,063,558 
5,850,329 
89,347 
1,969,166 
8,253,394 
931,226 
13,592,801 
861,101 
331,870 
2,754,432 
1,029,418 
255,621 
19,659,326 
4,591,184 
1,861,164 
1,119,257 
2,425,515 
80,287 
538,640 
1,059,106 
84 

844,035 
2,073,676 
3,239 
14,770,326 
1,229,672 
4,424,343 
615,697 
131,758 
19,111 
782,376 
2.998,o:5."> 


71.0 
43.0 
98.4 
101.7 


78.1 
119.6 


342 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XI(A)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE— LIABILITY  (Concl'd) 


ONTARIO 

CANADA 

Direct 

Direct 

Direct 

Losses  and 

Direct 

Losses  and 

Companies 

Premiums 

Adjustment 

Ratio 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Written 

Expenses 

Incurred 

Incurred 

$ 

$ 

% 

$ 

$ 

% 

243,863 

231,673 

95.0 

243,863 

231,673 

95.0 

Travelers  Indemnity  

—859,505 

78,217 

—  527,597 

756,885 

Travelers  Indemnity  of  Canada.  . 

7,716,497 

4,780,440 

62.0 

25,228,923 

16,350,563 

64.8 

579,347 

501,770 

86.6 

6,425,286 

7,558,681 

117.6 

753,461 

295,538 

39.2 

1,524,536 

825,681 

54.2 

'>  •  ite  i  C  m  id  i  Insurance  Co 

436,251 

218,503 

50.1 

2,615,768 

1,529,376 

58.5 

804,735 

731,579 

90.9 

7,175,129 

5,333,029 

74.3 

United  States  Fidelity  Guar  

1,882,935 

1,431,463 

76.0 

4,067,150 

3,651,939 

89.8 

United  States  Fire  

248,332 

243,527 

98.1 

903,650 

861,836 

95.4 

Unity  Fire  &  General  Ins  

276,500 

172,974 

62.6 

319,921 

197,915 

61.9 

318 

318 



5,968 

5,445 

91.2 

9,240 

6,421 

69.5 

Victoria  Ins.  Co  

352,857 

222,962 

63.2 

753,384 

749,981 

99.5 

1,957,077 

1,256,587 

64.2 

1,957,077 

1,256,587 

64.2 

6,420,794 

4,422,210 

68.9 

28,040,326 

23,518,062 

83.9 

Wellington  Fire  

7,182,619 

5,667,422 

78.9 

8.804,388 

7,499,111 

85.2 

12,636,943 

8,316,563 

65.8 

17,434,948 

11,979,387 

68.7 

146,819 

313,348 

213.4 

146,819 

313,348 

213.4 

10,493 

—47,970 

292,808 

32,230 

11.0 

12,220,031 

8,278,051 

67.7 

21,124,537 

16,708,134 

79.1 

UNLICENSED  INSURERS 

Ancienne  Mutuelle  Accidents  

-15 

2 

736,394 

688,035 

93.4 

General  Security  Assurance  

20,926 

13,287 

63.5 

43,120 

27,273 

63.2 

Firemens  Insurance  Company  

210 

85,586 

158 

71,878 

Fidelity  and  Casualty  New  York. 

839 

3,239 

386.1 

130,072 

71,779 

55.2 

Truck  Insurance  Exchange  

27,000 

18,000 

66.7 

70,000 

54,000 

77.1 

Totals  for  1973  

335,768,595 

232,669,606 

69.3 

743,791,863 

565,971,802 

76.1 

Totals  for  1972  

303,201,367 

224,914,592 

74.2 

677,064,641 

505,991,196 

74.7 

Totals  for  1971  

270,457,296 

201,059,582 

74.3 

626,917,268 

456,135,691 

72.7 

STATISTICAL  TABLES  FOR  1973 


343 


TABLE  XI(B)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE  -PERSONAL  ACCIDENT 


Companies 


Abstainers  Ins.  Co  

Aetna  Casualty  &  Surety  

Aetna  Insurance  

Affiliated  FM  

Albion  Insurance  

Alliance  Assurance  

Allstate  Ins.  Co  

Allstate  Ins.  Co.  of  Canada  

Alpina  Insurance  

American  Home  Assurance  Co  

American  Insurance  

American  National  Fire  Ins  

Anglo  Canada  

Bankers  &  Traders  Ins.  Co.  Ltd.. 

Bay  City  General  Ins.  Co  

British  America  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Provincial  

Canadian  Surety  

Canadian  Universal  Ins.  Co  

Casualty  Co.  of  Canada  

Central  Mutual  Insurance  Co  

Century  Insurance  Co.  of  Canada 

CNA  Assurance  Co  

Commerce  General  

Commercial  Union  Ass.  London.  . 

Commonwealth  Insurance  Co  

Consolidated  Fire  Casualty  

Constitution  Ins.  Co.  Canada.  .  .  . 

Continental  Insurance  

Co-operative  Fire  Casualty  Co.  . . 

Co-operators  Ins.  Assoc  

Cornhill  Ins.  Co  

Dominion  of  Canada  General .... 

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Economical  Mutual  

Elite  Insurance  

Emmco  Insurance  

Employers'  Mutual  Fire  Ins.  Co. . 

Employers'  Mutual  Liability  

English  &  American  Ins.  Co  

Equitable  General  

Excess  Insurance  Co  

Federal  Fire  

Federal  Insurance  

Federated  Mutual  Ins.  Co  

Federation  Insurance  Co.  of  Can.. 

Fidelity  Ins.  of  Canada  

Fire  Insurance  of  Canada  

Fireman's  Fund  

First  Nat.  Ins.  of  America  

Foremost  

General  Accident  of  Canada  

General  Accident  Fire  Life  

General  Ins.  of  America  

General  Security  of  Canada  

Gerling  Global  General  

Gibraltar  General  Ins.  Co  

Globe  Indemnity  of  Canada  

Gore  Mutual  

Great  American  Insurance  

Great  Eastern  Insurance  

Guarantee  Co.  of  N.A  

Guardian  Assurance  

Guardian  Insurance  of  Can  

Halifax  Insurance  


ONTARIO 


Direct 
Premiums 
Written 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


180,290 
100,457 
17,207 
1,273 
21,746 
5,130 
610 
1,233,174 
37,882 
707 
157,646 
88 
36,016 
9,318 
-15 
293,183 
126,539 
33,241 
435,690 
-1,528 
297 
1,175 
212 
32,311 
278,319 
2,439 
279,917 
170,660 
76,636 
174,012 
134 
626,973 
-50 
36,524 
429,711 
98,393 
135 
3,074,495 
72,380 
1,010,172 
312,397 
30 
29,841 
1,058,646 
8,979 
186,974 
10,775 
105,707 


55,299 
218,503 
276,186 
605,203 
54,355 
50,523 
18,739 
304,224 
27,718 


991,099 
119 
7,080 

48,327 

82,785 
119,457 

65,681 
814,373 
241,547 
157,047 
199,401 

40,587 
559,047 
406,816 


149,428 
141,645 
18,724 


17,838 
13,224 
1,749 
1,071,651 
63,314 
1,077 
73,772 
1,349 
12,110 
14,572 
-2,021 
242,057 
130,226 
20,502 
45,799 
-2,353 
-3,938 
-2,174 
-2,471 
17,221 
225,715 


161,135 
176,623 

50,712 
159,037 
-2,024 
415,975 
600 

15,410 
428,205 
142,523 
14 

3,981,438 
40,254 
651,555 
241,635 
11,128 
12,982 
1,040,929 
7,785 
213,321 
6,299 
74,691 


17,723 
139,652 
158,134 

80,903 
4,052 

27,610 

11,499 
248,614 

38,485 

529324 
-1,544 
12,543 
25,854 
72,607 
121,168 
50,612 
623,650 
207,947 
145,072 
190,303 
36,873 
505,631 
271,934 


Ratio 


82.9 
141.0 
108.8 

'82"6 
257.8 
286.7 

86.9 
167.1 
152.3 

46.8 


33.6 
156.4 


82.6 
102.9 
61.7 
10.5 


53.3 
81.1 

57"6 
103.5 
66.2 
91.4 


42.2 
99.6 

144.9 
10.4 

129.5 
55.6 
64.5 
77.3 

43"5 
98.3 
86.7 
114.1 
58.5 
70.7 


32.0 
63.9 
57.3 
13.4 
7.5 
54.6 
61.4 
81.7 
138.8 

"53.5 

177.2 

53.5 
87.7 
101.4 
77.1 
76.6 
86.1 
92.4 
95.4 
90.8 
90.4 
66.8 


CANADA 


Direct 
Premiums 
Written 


216,432 
159,874 
20,813 
4,466 
51,585 
44,152 
620 
2,451,874 
37,882 
2,235 
169,922 
5,337 
36,016 
99,966 
-15 
523,295 
342,615 
67,856 
713,545 
498,534 
96,350 
430,636 
22,206 
63,496 
778,246 
253,771 
345,803 
198,952 
192,502 
205,951 
397,163 
1,192,734 
-132 
52,987 
485,901 
335,318 
2,035,079 
3,074,495 
256,222 
1,298,971 
534,900 
-1,857 
33,991 
1,346,565 
17,600 
186,974 
45,273 
142,806 
23,081 
117,799 
76,038 
353,171 
898,306 
1,601,285 
131,332 
112,821 
105,987 
500,499 
111,197 
87 

1,417,375 
5,266 
29,663 
264,052 
108,086 
119,457 
109,567 

1,260,911 
370,477 
528,109 
378,865 
141,354 

1,625,405 
707,790 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


169,467 
172,176 
13,717 

33309 
57.070 
7,338 
2,068,867 
63,314 
2,632 
75,521 
4,041 
12,110 
101,684 
-2,021 
388,384 
198,974 
55,240 
98,722 
276,734 
13,228 
83,334 

16',972 
620,176 
49,153 
189,286 
187,883 
164,231 
168,597 
253,588 
776,283 
600 
26,752 
436,689 
440,285 
1,535,540 
3,981,438 
80,303 
800,724 
403,330 
14,473 
13,529 
1,183,898 
13,196 
213,321 
21,569 
80,536 
17,198 
31,864 
82,424 
184,478 
494,701 
181,873 
-8,824 
54,314 
48,211 
379,030 
204,737 
92 

813,344 
-1,191 

24,927 
201,552 

86,117 
121,168 

93,320 
991,422 
271,272 
340,189 
286,751 

61,017 
1,246,319 
435.861 


34t 


VNNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XI(B)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE -PERSONAL  ACCIDENT  (Cont'd) 


Companies 


Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Imperial  Guar  &  Accident  

Insurance  of  North  Amercian  

Insurance  Corp.  of  Ireland  

I  ib  •  t  \  Mutual  Fire  

Liberty  Mutual  Insurance  

Liverpool  &  London  Globe  

Lloyds  

London  &  Edinburgh  

London  Lancashire  Insurance.  .  .  . 

London  and  Midland  

London  Assurance  

Lumbermen's  Mutual  Casualty. . . 

Markel  Ins.  Co.  of  Canada  

Maryland  Casualty  

Merit  Insurance  

Middlesex  Mutual  Ins.  Co  

Missisquoi  &  Rouville  

National  Employers  

New  Hampshire  Insurance  Co.  .  . 

New  India  Assurance  

Niagara  Fire  

North  British  &  Mercantile  

Northumberland  General  Ins.  Co. 

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee  

Old  Republic  Ins.  Co  

Orion  Insurance  

Pacific  Employers  

Pafco  Ins.  Co.  Ltd  

La  Paix  General  

Pearl  Assurance  Co  

Perth  Ins.  Co  

Phoenix  Asse.  of  Canada  

Pilot  

Pitts  Insurance  

Portage  La  Prairie  Mutual  

Provident  Assurance  

Provincial  Insurance  

Prudential  Assurance  England  

Quebec  Assurance  

Queensland  

Reliance  of  Philadelphia  

Royal  Exchange  

Royal  General  Canada  

Royal  Insurance  

Safeco  

St.  Paul  Fire  &  Marine  

Saskatchewan  Mutual  

Scottish  &  York  

Scottish  Canadian  

Scottish  Union  &  National  

Security  Mutual  Casuaity  

Simcoe  &  Erie  

Stanstead  &  Sherbrooke  

State  Farm  Fire  &  Casualty  

State  Farm  Mutual  Auto  

Sun  Alliance  Ins.  Co  

Sun  Insurance  Office  

Switzerland  General  

Toronto  General  

Traders  General  

Transport  Indemnity  

Transportation  Fire  Cas  

Travelers  Indemnity  

Travelers  Indemnity  of  Canada.. 

Unigard  Mutual  

Union  of  Canton  

United  Canada  Insurance  Co  

United  Provinces  

United  States  Fidelity  Guar  


ONTARIO 

CANADA 

Dl  RECT 

DIRECT 

DIRECT 

Losses  and 

„  RECT 

.LOSSES  AND 

Premiums 

Adjustment 

Ratio 

1  REMIUMS 

Adjustment 

RATIO 

Written 

Expenses 

Written 

Expenses 

Incurred 

T  x - 1  •  f  jtj  V  1  ? T 1 
1  IN  V-  *J  IV  U 

* 

/o 

a 

/o 

r.nn  not 

9  KA(\  079 

508  8 

908  572 

9  ^08  41  9 

276.1 

Q  4  1  f\Ti 
044,U7  O 

248  190 

72  1 

UU  i  ,\JO\J 

407  734 

6l!l 

A!\  970 

10  909 

24  1 

58  551 

86*2 

33,417 

10,/  uo 

OK).  U 

77  972 

137  193 

176  0 

—301 

—1,207 

149,379 

69,256 

46.4 

33 

18  785 

14  680 

78.1 

319  765 

103,855 

32.5 

fiQ.4  007 

191  138 

30T 

4,733 

3,078 

65.0 

12,549 

9,989 

79.6 

64,161 

fi9.  QH9 

QO  A 

yy  .4 

1 19  397 

117  399 

98.3 

QHfi  Q71 

127  4 

1  ,oou,  /  00 

701  830 

45^0 

QQ  009 

88,8zo 

84  076 

94.7 

474  116 

28l'l05 

50/3 

104  156 

82  782 

79.5 

144  48I 

9U870 

63^6 

 j 

-719 

—2 

—28,643 

160,514 

113,357 

70.6 

331,125 

247,602 

'"■."X 
74.8 

625,018 

—  17,913 

725,919 

17,348 

2.4 

1 1  ,ooi 

72  673 

628  6 

39  311 

76  498 

194.6 

7 A  1  Q7 
/  4,18/ 

62  479 

84  2 

°.Q.Vfi91 

94q'4^D 

73O 

1  on  077 
izu,y/  / 

74  797 

61  8 

0.^8  14fi 

219  406 

6L3 

2  481 

1  800 

72  6 

74  540 

29699 

39!  8 

1  97  1  QO 
1Z<  ,  loU 

74  845 

58  9 

Q.  fin '74^ 

91*474 

30^4 

24 

57  482 

32*212 

56*0 

09  079 
O 

09  QIC.Q 

253  6 

176184 

147,950 

84!o 

 2  ggg 

—71 

—2,249 

—29 

1,362 

 no' 117 

y»,i  17 

1  c.  OOfi 

00,  zuo 

oo.y 

9Q1  aAQ 
zo  1 ,010 

69*776 

30.1 

0  nno 

1  on 

1UU 

r.  n 

10  314 

2148 

20*8 

150,197 

110,369 

7"? 

*JQQ  OKfl 

ooy  ,oou 

231  094 

59.3 

216,484 

132,181 

61.1 

Q7/1  OR7 

OOO  AAQ. 
ZUy  ,448 

RR  Q 

oo.y 

237,599 

153,750 

64.7 

oui  ,yyo 

170  EL07 

KCt  1 

oy.  1 

7  A  07 

/  ,4y  / 

14  994 

-200 

 g22 

45 

91 

202.2 

z.zol 

— 9,467 

m  71 1 

yi,/ 1 1 

1  Q.9  c;^n 

144  5 

91711 

139  ^n 

144.5 

0  ow 

Q  R94. 
0,OZ4 

160  9 

1 9^*807 

23  139 

18^4 

187,486 

178,423 

95  2 

•3 or  070 

278*644 

85.7 

lz4,UUs 

1 18,956 

95.9 

1  75  (ICO 

lie  cot; 
140,000 

83  8 

iys,zyo 

onn  nnn 
ouu,uuu 

151  3 

482  718 

423,628 

87.8 

1  9(17  ROQ 

1  ,ZO<  ,0/0 

Qft°.  AQ9 

soo.oyz 

68  1 

1  9fi7  fi9°. 

A           4  ,U^O 

863,692 

68.1 

1  A  AO.  c; 
11,000 

7  446 

50  9 

14  648 

7,446 

5o!8 

109,51  8 

1  ACi  QOQ 

I4y  ,0/0 

10D.8 

0«A  QQO 

9^9fi91 

95.6 

57,347 

1  nc  ci5 
lUo.oio 

1 00  7 
ioy .  < 

CIO   1  OQ 
O10,li0 

514  691 

100.3 

35,792 

07  119 
O  1  ,1 1Z 

1  HQ  7 

iuo.  / 

1  on  QOA 

1  UU,uiD 

1 99381 

122^0 

400,428 

387,888 

96.9 

1,856,947 

1   97C  07 1 
1,0/ 0,0/  1 

"7  A  1 

85 

76  250 

39  364 

51.6 

26  758 

37*882 

141.6 

195,585 

1  70  Rfifi 

1  /  y  ,ooo 

(11  Q 

yi.y 

Qfi7  88^ 
00/  ,000 

900*87 'i 

94*5 

53,255 
696 

AO  A19 

4y  ,u4z 

9 

yo.z 

1  78  fi^ 

JL  /  0,000 

81  939 

45^9 

46  051 

56  030 

121  7 

900,680 

797,033 

88.5 

1,730*273 

1,246*546 

72^0 

222,964 

105,231 

47.2 

743,570 

317,130 

42.6 

QO  fil  CL 

yy  ,010 

1  80  7F>°. 

low,  /  00 

181  1 

151,170 

216,222 

143  0 

228*758 

133*149 

58.2 

97 

1  oft  on  i 

16  993 

132927 

782.2 

3,864 

—  1 ,095 

11  708 

'582 

5*0 

41,299 

52,651 

1  97  c. 
1Z/  .0 

fid  Qfi4 

56  320 

86.7 

44,757 

52,439 

117.2 

1  Ofi  91  C. 

71  102 

55.4 

7,312 

24,137 

330.1 

7  1  OO 

/  ,iyu 

21  354 

297.0 

49,380 

60,675 

122.9 

167,340 

109'l78 

65*2 

-/ 

15 

1,901,754 

1,378,558 

72.5 

2,457,059 

1,648,045 

67.1 

65,754 

35,416 

53.9 

237,763 

113,969 

47.9 

188,664 

177,973 

94.3 

386,750 

257,819 

66.7 

9,751 

2,111 

21.6 

77,199 

13,067 

16.9 

287 

892 

310.8 

342 

792 

231.6 

-27 

-10,357 

-10 

-10,657 
-5 

19,074 

-251 

19,074 

 251 

—237 

-17,644 

-842 

-163,589 

56.4 

557,955 

251,381 

45.1 

1,440,857 

813,209 

47,904 

59,176 

123.5 

907,208 

807,034 

89.0 

62,379 

54,762 

87.8 

161,304 

132,264 

82.0 

4,685 

4,794 

102.3 

25,164 

39,461 

156.8 

78,869 

44,911 

56.9 

465,313 

276,180 

59.4 

157,097 

91,655 

58.3 

274,367 

136,530 

49.8 

STATISTICAL  TABLES  FOR  1973 


345 


TABLE  XI(B)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE  -PERSONAL  ACCIDENT  (Concl'd) 


Companies 


United  States  Fire  

Unity  Fire  &  General  Ins. 

Utica  Mutual  

Victoria  Ins.  Co  

Waterloo  Mutual  

Wawanesa  Mutual  

Wellington  Fire  

Western  Assurance  

York  Fire  &  Casualty. . . . 

Yorkshire  Insurance  

Zurich  


UNLICENSED  INSURERS 

Ancienne  Mutuelle  Accidents  

General  Security  Assurance  

Firemen's  Insurance  Company.  . 
Fidelity  and  Casualty  New  York 
Truck  Insurance  Exchange  

Totals  for  1973  

Totals  for  1972  

Totals  for  1971  


ONTARIO 


Direct 
Premiums 
Written 


16,751 
26,699 
47 

-1,551 
203,991 
648,750 
718,574 
1,040,541 
12,661 
1,043 
1,149,340 


-1 
3,679 
51 
79 
27,000 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


30,839,250 
27,278,584 
16,262,968 


13,517 
28,269 
798 
15,825 
138,620 
697,281 
728.625 
769,337 
2,345 
7,036 
1,084,742 


2,271 


18,000 


27,539,970 
20,856,706 
6,350,308 


Ratio 


80.7 
105.9 


68.0 
107.5 
101.4 

73.9 

18.5 
674.6 

94.4 


61.7 
6(k7 


89.3 
76.5 
39.0 


CANADA 


Direct 
Premiums 
Written 


47,219 
30,458 
72 
5,114 
203,991 
2,331,103 
832,991 
1,319,772 
12,661 
17,850 
2,006,052 


44,404 
7,324 
28 
4,919 

70,000 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


61,604,015 
58,102,739 
45,312,425 


43,441 
23,414 
828 
27,096 
138,620 
1,636,273 
838,202 
991,201 
2,345 
-3,466 
1.677,739 


25,659 
4,681 
5,205 
1,445 

54,000 


45,023,191 
35,815,856 
18,303,596 


346 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


TABLE  Xl(C)  OTHER  THAN  LIFE 
PR  KM  Hi  MS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE  —OTHER 


Com pan 1 us 


Abstainers  Ins.  Co  

Aetna  Casualty  &  Surety  

Aetna  Insurance  

Affiliated  F.M  

Albion  Insurance  

Alliance  Assurance  

Allstate  Ins.  Co  

Allstate  Ins.  Co.  of  Canada  

Alpina  Insurance  

American  Bankers  Ins.  Co.  of 

Florida  

American  Home  Assurance  Co.... 

American  Insurance  

American  Mutual  Liability  

American  National  Fire  Ins  

American  Road  Ins.  Co  

Anglo  Canada  

Bankers     Traders  Ins.  Co.  Ltd.. 

Bay  City  General  Ins.  Co  

British  America  

Calvert  Fire  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Provincial  

Canadian  Surety  

Canadian  Universal  Ins.  Co  

Casualty  Co.  of  Canada  

Central  Mutual  Insurance  Co.... 
Century  Insurance  Co.  of  Canada. 

Chrysler  Ins.  Co  

CNA  Assurance  Co  

Commerce  General  

Commercial  Union  Assur.  London 

Commonwealth  Insurance  Co  

Consolidated  Fire  Casualty  

Constitution  Ins.  Co.  Canada.  . .  . 

Continental  Insurance  

Co-operative  Fire  Casualty  Co..  .  . 

Co-operators  Ins.  Assoc  

Cornhill  Ins.  Co  

Cumis  Insurance  

Dominion  of  Canada  General.  . .  . 

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Economical  Mutual  

Elite  Insurance  

Emmco  Insurance  

Employers  Mutual  Fire  Ins.  Co..  . 

Employers  Mutual  Liability  

Employers  Reinsurance  

English  &  American  Ins.  Co  

Equitable  General  

Excess  Insurance  Co  

Federal  Fire  

Federal  Insurance  :  

Federated  Mutual  Ins  Co  

Federation  Insurance  Co.  of  Can.. 

Fidelity  Ins.  of  Canada  

Fire  Insurance  of  Canada  

Fireman's  Fund  

First  Nat.  Ins.  Of  America  

Foremost  

General  Accident  of  Canada  

General  Accident  Fire  Life  

General  Ins.  of  America  

General  Security  of  Canada  

Gerling  Global  General  

Gibraltar  General  Ins.  Co  


ONTARIO 

Direct 

Direct 

Loss  ICS  AND 

PrI'.mi  ums 

Adjustment 

Ratio 

Written 

Expenses 

Incurred 

$ 

$ 

% 

894,784 

563,830 

63.0 

893,440 

902,712 

101.0 

148,024 

64,758 

43.7 

1,927 

108,429 

95,122 

87.7 

28,024 

111,798 

398.9 

20,157 

65,487 

324.9 

6,692,832 

4,230,612 

63.2 

179,843 

126,127 

70.1 

680 

-1,844 

6,439 

14,636 

227.3 

880,086 

585,209 

66.5 

17,805 

7,739 

43.5 

389 

392 

100.8 

130,652 

159.640 

122.2 

186,181 

145,378 

78.1 

54,868 

31,796 

57.9 

75,569 

24,051 

31.8 

1,603,088 

1,368,829 

85.4 

5,204 

10,240 

196.8 

774,173 

469,055 

60.6 

181.332 

116,995 

64.5 

2,883,597 

2,208,376 

76.6 

-5,0U 

-7,824 

1,888,542 

1,226,037 

64.9 

8,794 

17,553 

199.6 

1,245 

22,466 

169,974 

155,936 

91.7 

1,719,738 

1,895,201 

110.2 

18,470 

8,260 

44.7 

1,446,198 

1,210,829 

83,7 

1,023,418 

783,699 

76.6 

505,559 

334,681 

66.2 

177,214 

82,752 

46.7 

1,082,042 

655,080 

60.5 

2,202 

13,213 

600.0 

3,896,203 

2,600,314 

66.7 

44,762 

60,408 

135.0 

186,296 

113,733 

61.0 

2,274,858 

1,688,450 

74.2 

589,138 

813,161 

138.0 

1,281 

35 

2.7 

16,745,543 

19,616,581 

117.1 

389,624 

281,029 

72.1 

35 

5,420,756 

4,244,109 

78.3 

2,057,668 

1,585,503 

77.1 

5,465 

-6,514 

190,387 

158,129 

83.1 

5,758,931 

4,190,804 

72.8 

52,169 

49,211 

94.3 

491,066 

462,483 

94.2 

69,465 

38,813 

55.9 

595,621 

458,434 

77.0 

5,534 

227,088 

97,484 

42.9 

1,094,739 

735,739 

67.2 

1,990,225 

1,542,917 

77.5 

683,589 

464,549 

68.0 

264,585 

240,954 

91.1 

347,608 

256,482 

73.8 

110,649 

81,941 

74.1 

1,843,178 

1,491,889 

80.9 

176,793 

126,841 

71.7 

5,562,052 

3,662,762 

65.9 

380 

2,985 

785.5 

66,300 

36,698 

55.4 

256,706 

151,653 

59.1 

444,157 

320,538 

72.2 

706,406 

563,079 

79.7 

CANADA 

Direct 

Direct 

Losses  and 

Prkmi  ums 

Adjustment 

Rat 
tio 

Written 

Expenses 

Incurred 

$ 

$ 

% 

1,051,840 

667,809 

63.5 

1,703,394 

1,445,494 

84.9 

229,961 

124,535 

54.2 

4,156 

319,199 

215,775 

67.6 

444,576 

473,643 

106.5 

20,157 

72,107 

357.7 

14,236,938 

9,622,308 

67.6 

179,874 

126,127 

70.1 

1,532 

6,577 

429.3 

23,349 

6,475 

27.7 

1,023,924 

654,483 

63.9 

22,227 

16,729 

75.3 

60,259 

35,771 

59.4 

362.029 

470.739 

130.0 

186,181 

145,378 

78.1 

467,334 

369.914 

79.2 

75,569 

24,051 

31.8 

3,476,591 

3,156,802 

90.8 

11.701 

68.368 

584.3 

2,914,101 

1,654,373 

56.8 

539,454 

412,420 

76.5 

6,101,869 

4,216,146 

69.1 

3,435,779 

2,478,235 

72.1 

5,703,210 

4,326,390 

75.9 

3,827,991 

2,127,872 

55.6 

259,508 

185,551 

71.5 

398,328 

308,364 

77.4 

5,760,044 

6,388,411 

110.9 

2,140,182 

1,159,125 

54.2 

1,974,290 

1,652,682 

83.7 

1,249,448 

936,248 

74.9 

1,264,426 

1,162,298 

91.9 

348.824 

209,484 

60.1 

1,288,755 

1,055,036 

81.9 

3,479,268 

2,649,018 

76.1 

8,499,382 

5,808,718 

68.3 

96,735 

202,126 

208.9 

289,222 

166,704 

57.6 

2,543,045 

1,864,069 

73.3 

3,337,706 

3,327,152 

99.7 

13,803,333 

11,831,367 

85.7 

16,745,543 

19,616,581 

117.1 

1,729,810 

1,229,639 

71.1 

887 

7,421,721 

5,911,432 

79.7 

3,717,957 

2,954,806 

79.5 

-3,655 

-96,077 

223,244 

173,326 

77.6 

7,565,937 

5,583,837 

73.8 

395,549 

368,882 

93.3 

548,980 

673,192 

122.6 

288,592 

154,152 

53.4 

815,631 

637,459 

78.2 

7,183 

1,088,818 

960,397 

88.2 

930,526 

535,067 

57.5 

446,701 

407,538 

91.2 

2,006,507 

1,358,908 

67.7 

7,302,173 

5,398,892 

73.9 

2,095,649 

1,564,520 

74.7 

939,568 

692,035 

73.7 

1,088,991 

789,234 

72.5 

720,129 

576,844 

80.1 

3,302,697 

2,673,097 

80.9 

540,000 

392,121 

72.6 

2,541 

2,124 

83.6 

8,652,800 

6,230,341 

72.0 

75,520 

63,870 

84.6 

211,071 

143,604 

68.0 

1,877,094 

1,137,459 

60.6 

542,610 

409,559 

75.5 

706,406 

563,079 

79.7 

STATISTICAL  TABLES  FOR  1973 


347 


TABLE  XI(G)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AUTOMOBILE -OTHER  (Cont'd) 


Companies 


Globe  Indemnity  of  Canada  

Gore  Mutual  

Great  American  Insurance  

Great  Eastern  Insurance  

Guarantee  Co.  of  N.A  

Guardian  Assurance  

Guardian  Insurance  of  Canada. .  . 

Halifax  Insurance  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Ideal  Mutual  

Imperial  Guar.  &  Accident  

Insurance  of  North  America  

Insurance  Corp.  of  Ireland  

Law  Union  &  Rock  

Liberty  Mutual  Fire  

Liberty  Mutual  Insurance  

Liverpool  &  London  Globe  

Lloyds  

London  &  Edinburgh  

London  Lancashire  Insurance.  .  .  . 

London  and  Midlnad  

London  Assurance  

Lumbermen's  Mutual  Casualty. . . 

Markel  Ins.  Co.  of  Canada  

Maryland  Casualty  

Merit  Insurance  

Middlesex  Mutual  Ins.  Co  

Missisquoi  &  Rouville  

Motors  Insurance  

National  Employers  

New  Hampshire  Insurance  Co  

New  India  Assurance  

Niagara  Fire  

North  British  &  Mercantile  

Northumberland  General  Ins.  Co. 

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee  

Olympic  Insurance  

Orion  Insurance  

Pacific  Employers  

Pafco  Ins.  Co.  Ltd  

La  Paix  General  

Pearl  Assurance  Co  

Perth  Ins.  Co  

Phoenix  Assur.  of  Canada  

Pilot  

Pitts  Insurance  

Portage  la  Prairie  Mutual  

Premier  Insurance  

Provident  Assurance  

Provincial  Insurance  

Prudential  Assurance  England . . . 

Quebec  Assurance  

Queensland  

Reliance  of  Philadelphia  

Royal  Exchange  

Royal  General  Canada  

Royal  Insurance  

Safeco  

St.  Paul  Fire  &  Marine  

Saskatchewan  Mutual  

Scottish  &  York  

Scottish  Canadian  

Scottish  Union  &  National  

Security  Mutual  Casualty  

Sentry  Insurance  Mutual  

Service  Fire  Insurance  

Simcoe  &  Erie  

Stanstead  &  Sherbrooke  

State  Farm  Fire  &  Casualty  

State  Farm  Mutual  Auto  


ONTARIO 


Direct 
Premiums 
Written 


355,110 
4,375,384 
1,644,478 

949,195 
1,096,510 

245,137 
3,221,457 
1,657,074 
3,713,817 
2,766,500 

217,760 
11,297 

185,263 
1,326,694 
84 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


1,812,479 
42,103 
354,177 
1,901,067 
1,134,572 
595,930 
53,624 
972,212 
3,339,940 
940,201 
448,601 
691,865 
14,170 
675,950 
2,506,255 
-82 
226,952 
70 

561J01 
9,306 

843,614 
1,213,848 
1,497,502 


126,014 
455,591 
17,463 
1,072,427 
622,125 
2,104,207 
4,950,546 
73,544 
570,765 
250,824 
499,933 
198,369 
2,285,348 
528 


1,093,298 
322,811 
6,173 
5,418,544 
1,497,322 
770,760 

"ii912|036 
24,799 
228,252 
254,398 
946 
69,378 
740,442 
285,689 

"8i899i667 


301,050 
3,330,686 
1,164,003 
784,755 
718,591 
146,249 
2,642,932 
1,218,642 
2,936,367 
1,715,558 
186,980 
16,749 
125,312 
1,100,958 
416 
-1,400 
1,098,927 
30,890 
267,376 
1,717,242 
927,014 
420,114 
-5,844 
786,410 
2,444,863 
755,982 
262,369 
513,308 
11,125 
370,415 
1,749,254 
-18 
234,553 
-757 
16,991 
450,090 
4,424 
562,518 
829,420 
952,439 
-5,200 
-7,924 
55,589 
303,138 
14,499 
786,149 
475,986 
1,544,087 
2,875,427 
49,266 
480,545 
276,527 
872,886 
174,360 
1,764,656 
1,701 

790i20i 
210,574 
1,257 
4,789,477 
849,572 
664,427 
-168 
1,349,627 
5,703 
154,273 
259,774 
48 
48,292 
547,076 
194,168 
-216 
6,354,401 


Ratio 


CANADA 


84.8 
76.1 
70.8 
82.7 
65.5 
59.7 
82.0 
73.5 
79.1 
62.0 
85.9 

148.3 
67.6 
83.0 

495.2 


60.6 
73.4 
75.5 
90.3 
81.7 
70.5 


73.2 
80.4 
58.5 
74.2 
78.5 
54.8 


103.3 


80.1 
47.5 
66.7 
68.3 
63.6 


Direct 
Premiums 
Written 


684,801 
6,343,990 
2,795,262 
3,670,065 
2,386,970 

867,831 
10,854,056 
3,624,304 
7,017,052 
4,891,472 

317,541 
11,642 

499,583 
3,624,495 

149.549 


4,031,483 
79,215 
882,331 
12,493,262 
4,503,091 
943,210 
56,512 
2,192,791 
4,109,889 
2,717,694 
2,638,907 
2,898,109 
552,834 
1,798,958 
6,722,953 
269,592 
1,630,112 
-884 
-10 
1,826,230 
94,312 
2,612,826 
2,502,689 
2.199,197 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


-86 

44.1 

277,704 

66.5 

455,591 

83.0 

952,884 

73.3 

2,046,895 

76.5 

851,652 

73.4 

4,010,993 

58.1 

4,950,546 

67.0 

73,678 

84.2 

1,579,332 

110.2 

250,824 

174.6 

4,473,553 

87.9 

590,287 

77.2 

10,676,417 

322.2 

740,555 

111,675 

72.3 

1,905,147 

65.2 

1,106,499 

20.4 

232,457 

88.4 

12,766,901 

56.7 

4,661,378 

86.2 

1,280,450 

1,191,660 

70.6 

2,515,646 

23.0 

118,346 

67.6 

432,968 

102.1 

745,357 

5.1 

946 

69.6 

262,261 

73.9 

739,270 

68.0 

1,458,023 

71.4 

11,525,170 

655,285 
5,339,900 
1,957,323 
2,567,956 
1,576,030 
494,291 
8,900,368 
2,670,676 
5,760,331 
3,066,542 
318,064 
17,987 
465,745 
3,234,150 
115,832 
-1,385 
2,510,351 
50,773 
842,865 
9,391,124 
3,314,556 
738,820 
-64,168 
2,063,304 
2,854,362 
1,889,954 
1,657,426 
2,201,470 
373,706 
1,001,051 
5,222,575 
259,712 
1,379,644 
-860 
66,313 
1,116,382 
44,936 
1,681,258 
1,772,637 
1,491,123 
-8,289 
-14,304 
164,128 
303,138 
603,978 
1,384,695 
651,071 
2,978,012 
2,875,427 
49,506 
1,200,982 
276,527 
3,490,344 
532,252 
8,351,614 
580,057 
91,921 
1,523,383 
649.923 
247,767 
10,606,690 
2,673,172 
1,023,343 
805,094 
1,766,775 
81,351 
322,864 
581,484 
48 

237,818 
542,131 
974,647 
-154 
8,317,031 


Ratio 


95.7 
84.2 
70.0 
70.0 
66.0 
57.0 
82.0 
73.7 
82.1 
62.7 
100.2 
154.5 
93.2 
89.2 
77.5 


62.3 
64.1 
95.5 
75.2 
73.6 
78.3 

94T 
69.5 
69.5 
62.8 
76.0 
67.6 
55.6 
77.7 
96.3 
84.6 


61.1 
47.6 
64.3 
70.8 
67.8 


59.1 
66.5 
63.4 
67.6 
76.4 
74.2 
58.1 
67.2 
76.0 

110.2 
78.0 
90.2 
78.2 
78.3 
82.3 
80.0 
58.7 

106.6 
83.1 
57.3 
79.9 
67.6 
70.2 
68.7 
74.6 
78.0 
5.1 
90.7 
73.3 
66.8 


72.2 


348 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XI(C)  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


AUTOMOBILE  —OTHER  (Concl'd) 


ONTARIO 

CANADA 

Companies 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

$ 

$ 

% 

$ 

$ 

% 

Sua  Alli.mce  Ins.  Co  

388,936 
1,083,007 
57,687 
1,530 
22,721 
100,658 
59,547 
113,357 
51,968 
3,713,315 
283,219 
405,985 
262,436 
427,236 
1  032  196 
153,742 
140,214 

186,571 
809,451 
34,986 
-12,404 
-19,467 
79,520 
100,647 
114,995 
-444,612 
2,986,284 
205,144 
214,794 
175,890 
371,446 
718,819 
225,689 
102,828 
-111 

48.0 
74.7 
60.6 

1,669,811 
2,418,507 
356,886 
1,707 
68,063 
387,668 
238,575 
113,357 
55,374 

959,748 
1,696,532 
315,814 
-21,044 
-57,194 
251,418 
175,949 
114,995 
-1,009,889 
10,089,127 
3,611,495 
463,299 
1,371,494 
2,281,941 
1,716,949 
654,202 
133,906 
-111 

57.5 
70.1 
88.5 

Traders  General.  . 

Transport  Insurance  

Transportation  Fire  Cas  

79.0 
169.0 
101.4 

64.9 
73.7 
101.4 

rravelera  Indemnity  of  Canada.. 

I'nigard  Mutual  

Union  of  Canton  

United  Provinces  

United  States  Fire  

80.4 
72.4 
52.9 
67.0 
86.9 
69  6 
146.8 
73.3 

11,591,520 
4,180,338 
859,499 
1,581,143 
3,463,497 
2,367,491 
'598!086 
163,810 

87.0 
86.4 
53.9 
86.7 
65.9 
72.5 
109.4 
81.7 

Utica  Mutual  

Waterloo  Mutual  

Wawanesa  Mutual  

967 
132,161 
1,059,115 
3,367,566 
3,618,839 
6,440,112 
102,035 
6,877 
6,417,633 

286 
80,061 
676,489 
2,436,661 
2,718,542 
4,670,468 
78,775 
4,463 
4,719,130 

29.6 
60.6 
63.9 
72.4 
75.1 
72.5 
77.2 
64.9 
73.5 

1,462 
300,248 
1,059,115 
15,438,414 
4  415,501 
8,677,490 
102  035 
194,633 
11,408,225 

418 
272,158 
676,489 
11,039,555 
3  439,496 
6,744,852 
78,775 
121,468 
8,982,528 

28.6 
90.6 
63.9 
71.5 
77.9 
77.7 
77.2 
62.4 
78.7 

UNLISTED  INSURERS 

Ancienne  Mutuelle  Accidents  

General  Security  Assurance  

Firemens  Insurance  Company. .  .  . 
Fidelity  and  Casualty  New  York. 
Truck  Insurance  Exchange  

-1 
5,059 
190 
279 
27,852 

44 
3,293 
-1,206 
-690 
19,538 

65.1 
70.1 

345,410 
10,496 
168 
99,319 
72,467 

229,757 
6,731 
3,350 
57,329 
54,919 

66.5 
64.1 

57.7 
75.8 

Totals  for  1973  

182,183,707 

141,756,897 

77.8 

415,857,975 

320,264,354 

77.0 

Totals  for  1972  

159,753,396 

109,576,040 

68.6 

370,355,361 

251,489,527 

67.9 

Totals  for  1971  

140,173,139 

94,214,414 

67.2 

331,875,749 

222,088,095 

66.9 

STATISTICAL  TABLES  FOR  1973 


349 


TABLE  XII.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

FIDELITY 


Companies 


Aetna  Casualty  &  Surety  

Aetna  Casualty  Co.  of  Canada.  . 

Aetna  Insurance  

Affiliated  FM  

Alliance  Assurance  

American  Insurance  

Anglo  Canada  

British  America  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Surety  

Casualty  Co.  of  Canada  

Central  Mutual  Insurance  Co  

Century  Ins.  Co.  of  Canada  

CNA  Assurance  Co  

Commerce  General   •  ■ 

Commercial  Union  Ass.  London. 
Commonwealth  Insurance  Co. . . 

Consolidated  Fire  Casualty  

Continental  Insurance  

Co-operative  Fire  Casualty  Co.  . 

Co-operators  Ins.  Assoc  

Cumis  Insurance  

Dominion  of  Canada  General. .  .  . 

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Economical  Mutual  

Employers  Mutual  Liability  

Federal  Fire  

Federal  Insurance  

Federated  Mutual  Ins.  Co  

Federation  Ins.  Co.  of  Can  

Fidelity  Ins.  of  Canada  

Fireman's  Fund  

General  Accident  of  Canada  

General  Ins.  of  America  

General  Security  of  Canada  

Gerling  Global  General  

Gibraltar  General  Ins.  Co  

Globe  Indemnity  of  Canada  

Gore  Mutual  

Grain  Insurance  

Great  American  Insurance  

Guarantee  Co.  of  N.A  

Guardian  Assurance  

Guardian  Insurance  of  Can  

Halifax  Insurance  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Imperial  Guar.  &  Accident  

Insurance  of  North  America. . . 

Insurance  Corp.  of  Ireland  

Law  Union  &  Rock  

Liberty  Mutual  Fire  

Liberty  Mutual  Insurance  

Liverpool  &  London  Globe. 

Lloyds  

London  Lancashire  Insurance.  . 

Lumbermen's  Mutual  Cas  

Maryland  Casualty  

Niagara  Fire  

North  British  &  Mercantile. . .  . 

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee. . 

Pacific  Employers  

Pearl  Assurance  Co  


ONTARIO 


Direct 
Premiums 
Written 


110,156 
169,432 
89,281 
282 
811 
2,021 
2,413 
42,982 
16,704 
2,186 
34,346 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


256,015 


82,905 
4,807 

36,067 
1,356 

15,634 


76,003 
743 

25 

626,769 
12,206 
97,317 
291,261 
39,908 
26,057 
302 
45 
31,410 
10,643 
118 
96,017 
1,560 
50 
15,899 
291,965 
222,987 
3,451 
5,156 
4,291 
425 
7,199 
55,274 

88/731 
112,333 
5,128 
80,052 
9,530 
119,514 
31,572 
1,657 
3,906 
276,776 


15,135 
25,674 

5,683 
689,291 

3,706 
19,779 

2,807 

7\425 
17,500 
26,188 
78,893 

"i'L638 


56,913 
402,387 
-50,568 

150 
—18 

"35,246 
669 
17,781 
-6,308 


143,052 
-85 


19,603 
7,594 
-2,984 


40 
19,968 


3 

2,564 
8,319 
-5,636 
68,657 
3 

-9,795 
16,277 
63 
144 
-809 
29,974 
15.187 
-40 
510 


227,379 

36.3 

-15,839 

20,998 

21.6 

275,400 

94.6 

15,335 

38.4 

-15,326 

-6,086 

30,291 

96.4 

92,624 

870.3 

-1,728 

-93,S00 

126 

8.1 

-8,282 
2,564 

.9 

25,563 

11.5 

91 

2.6 

100 

1.9 

—30 

7,015 

97.4 

8,830 

16.0 

87,666 

98.8 

5,880 

5.2 

-2,647 

16,633 

20.8 

-8,252 

61,612 

51.6 

26,918 

85.3 

10,789 

276.2 

-102,778 

Ratio 


51.7 
237.5 


18.5 


82.0 
4.0 
813.4 


55.9 


23.6 
158.0 


16.9 
32.4 


10.0 
.1 


579.9 
"  L9 


114.5 
19.3 


CANADA 


Direct 
Premiums 
Written 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


238,197 
327,724 
112,315 
7,283 
1,838 
2,021 
2,413 
115,941 
45,290 
5,936 
108,410 
13,918 
1,015,440 
17,293 
1,144 
281,484 
7,426 
41,021 
23,600 
40,946 
25,840 
240,385 
743 
25 

1,334,151 
321,456 
97,317 
594,477 
51,681 
55,513 
650 
45 
36,837 
13,792 
5,586 
243,342 
12,438 
3,115 
63,288 
364,641 
276,066 
14,595 
89,427 
5,849 
425 
39,045 
63,981 
28,373 
111.132 
714,641 
9.210 
221.983 
17.219 
244.094 
45,670 
5,179 
50,064 
453,295 
643 


30,817 
53,357 
17,462 
,243.534 
12.024 
36,418 
27,451 

"3332  b 
72,489 
55,757 
92,001 

"23I2O9 


81,822 
386,712 
-48,411 
15,000 
1,150 
—18 

6,093 
24,301 
62,087 
216 
596,891 
-450 
-2,900 
357,507 
-2,721 
-2,984 
7.630 
12,227 
4,723 
53,734 


280,766 
101,939 

20,998 
784,639 

32,826 
-12,761 
-5,859 

'"33,545 
144,672 
-1,728 
-82,737 
1,314 
-2,024 
125,794 
2,312 
56,460 
-829 
40,076 
-49 


10,685 
8,101 
28,411 
84,520 
327,401 
-1,134 
26,924 
-8,381 
675,826 
20,545 
14,815 
14,220 
-15,607 
-5 
3 

8,069 
8,217 
6,466 
969,153 
3,925 
1,304 
52,265 
-174 
1,730 
4,324 
38,054 
19,236 
-40 
6,105 


Ratio 


% 

34.4 
118.0 


206.0 
62.6 


39.0 
13.5 
409.4 
57.3 
1.6 
58.8 


127.0 


32.3 
29.9 
18.3 
22.4 


21.0 
31.7 
21.6 
132.0 
63.5 


91.1 

.6 
20.5 

"4A.S 


27.4 
12.7 
100.1 
76.1 
45.8 


12.1 

276!9 
45.0 

286.1 
28.4 


26.2 
15.4 
37.0 
77.9 
32.6 
3.6 
190.4 

'"5T 
6.0 
68.2 
20.9 


26.3 


350 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XII.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


FIDELITY  (Concl'd) 


ONTARIO 

CANADA 

Com  pan  u:s 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

$ 

$ 

% 

$ 

$ 

% 

Perth  Ins.  Co  

634 

770 

Phoenix  Ass.  of  Canada  

Pilot  

78,898 

-6,297 

146,782 
12,528 
654 
110,917 
86,196 
13,573 
26,335 
16,915 
4,795 
605,931 
25 
45,110 
83,640 
1,681 
64,674 
45,045 
22,920 
20 

69,179 

47.1 

654 

Provident  Assurance  

Reliance  of  Philadelphia  

299 
20,511 
5 

22,985 

7,393 
10,964 
-1,585 

53.5 

43,188 
38,942 
-950 
8,406 
-7,918 
11,657 
112,989 

38.9 
45.2 

31.9 

2,672 
205 
253,657 

-29 

Royal  General  Canada  

1,271 
10,038 

620.0 
4.0 

243.1 
18.6 

Scottish  &  York  

Scottish  Canadian  

State  Farm  Fire  &  Casualty  

27,489 
41,370 
974 
62,940 
45,045 
7,577 
18 

4,322 
5,099 
-2,500 
3,716 
8,151 
259 

15.7 
12.3 

5.9 
18.1 
3.4 

9,982 
-35,968 
-2,500 
3,716 
8,151 
9,866 

22.1 

5.7 
18.1 
43.0 

15  247 
9^505 

1    1  T7 
1,1  4  1 

1,339 
-55 
10,896 
67,180 

3,011 

7.7 
14.1 

38,253 
19,002 
3,922 
84,308 
124,997 
23,576 
5,990 
377,013 
76,257 
4,193 
6,570 
28,780 
636,103 
9,640 
704 
57,783 

1,380 
2,417 
18  692 
369,731 
93,800 
1,742 
—1,367 
46,159 
9,208 
67 
170 
4,329 
312,448 
-472 
-898 
8,926 

3.6 
12.7 
476.6 
438^5 
75.0 
7.4 

Travelers  I ndemnity 

Travelers  Indemnity  of  Canada. .  . 

Union  of  Canton  

United  Provinces  

64,908 
50  591 
15]576 

16.8 
132.8 
19.3 

United  States  Fire  

Waterloo  \lutual 

Wawanesa  Mutual  

253,930 
34,414 
4,193 
205 

5,391 
3,361 
67 

2.1 
9.8 
1.6 

12.2 
12.1 
1.6 
2.6 
15.0 
49.1 

Western  Assurance  

26,881 
561,963 
249 

7,606 
292,987 
23 

28.3 
52.1 
9.2 

32,326 

11,265 

34.8 

15.4 

UNLICENSED  INSURERS 

Ancienne  Mutuelle  Accidents 

25 

81,111 
128 
25,288 
40,263 

General  Security  Assurance  

Firemen's  Insurance  Company.  .  . 

128 
25,288 

93 

72.7 

93 

72.7 

Fidelity  and  Casualty  New  York. 

21,471 

11,176 

52.1 

10,844 

26.9 

Totals  for  1973  

6,112,758 

1,846,290 

30.2 

12,896,594 

6,569,177 

50.9 

Totals  for  1972  

4,968,999 

1,764,035 

35.5 

13,170,230 

3,689,389 

28.0 

Totals  for  1971  

4,285,350 

3,422,033 

79.8 

10,414,061 

4,881,503 

46.8 

Totals  for  1970  

5,284,387 

1,905,227 

36.0 

10,280,018 

5,019,832 

48.8 

Totals  for  1969  

4,318,371 

2,332,719 

54.0 

9,634,633 

5,077,313 

52.6 

STATISTICAL  TABLES  FOR  1973 


351 


TABLE  XIII.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

SURETY 


Companies 


Aetna  Casualty  &  Surety. . ..  

Aetna  Casualty  Co.  of  Canada.  .  . 

Aetna  Insurance  

Alliance  Assurance  

America  Insurance  

Argonaut  

British  America  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Surety  

Casualty  Co.  of  Canada  

Century  Insur.  Co.  of  Canada  

CNA  Assurance  Co  

Commerce  General  .  •  •  •  • 

Commercial  Union  Ass.  London.  . 
Commonwealth  Insurance  Co.  .  .  . 

Consolidated  Fire  Casualty  

Constitution  Ins.  Co.  Canada.  .  .  . 

Continental  Insurance   

Co-operative  Fire  Casualty  Co . . . 

Co-operators  Ins.  Assoc   

Dominion  of  Canada  General  

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Economical  Mutual  

Employers'  Mutual  Liability  

Federal  Fire  

Federal  Insurance  

Federated  Mutual  Ins.  Co  

Federated  Insur.  Co.  of  Canada. . . 

Fidelity  Ins.  of  Canada  

Fire  Insurance  of  Canada  

Firemans  Fund  •  

General  Accident  of  Canada  

General  Accident  Fire  Life  

General  Ins.  of  America  

General  Security  of  Canada  

Gerling  Global  General  

Gibraltar  General  Ins.  Co  

Globe  Indemnity  of  Canada  

Gore  Mutual  

Grain  Insurance  

Great  American  Insurance  

Guarantee  Co.  of  NA  

Guardian  Assurance  

Guardian  Insurance  of  Canada. . 

Halifax  Insurance  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  •  

Imperial  Guar.  &  Accident  

Insurance  of  North  America  

Insurance  Corp.  of  Ireland  

Law  Union  &  Rock  

Liverpool  &  London  Globe  

London  Lancashire  Insurance.  . . 

London  and  Midland  

London  Canada  

Lumbermens  Mutual  Casualty.  . 

Markel  Ins.  Co.  of  Canada  

Maryland  Casualty  

Mortgage  Ins.  Co.  of  Can  

Niagara  Fire  

North  British  &  Mercantile  

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee  

Pearl  Assurance  Co  

Perth  Ins.  Co  


ONTARIO 


Direct 
Premiums 
Written 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


247,064 
27,339 
26,282 
41,127 
5,739 
3,324 
32,685 
29,759 
1,226 
1,170,917 
461,007 
200 

747  497 
16,653 
778 
30,006 

 i|i52 

52,943 
75 
189 
113,712 
2,036 
10,727 
66,115 
285,475 
668 
1,077 
349,274 


246 
98,815 
4,103 
664 
563,742 
485 
18,133 
332,551 
22 
15,451 
36,434 
6,544 
147,549 
9,795 
63,734 
4,413 
672,581 
526,732 
449 
231,966 
81,160 
67,334 
3,367 
4,027 
3,203 
74,531 


4,377 
3,203 


14,370 
1,026 


85,618 
206,929 
49 
2,567 
11,465 
14,785 
55,296 
5,607 
2,834 


22,218 

-1,126 
■12,863 
327 


7,601 


-6,809 
■14,085 
■10,359 
3,081 
-47 
■26,888 
270 


-1,484 
1,289 


4,193 
5,436 
■13,067 
-5,585 
-19,965 


84,973 


-138 
-1,484 
■49,543 


1,010 
8,121 


52 


122 
7,014 


3,821 
403,992 


23,816 


9,364 
■4,872 


7,650 
8,302 


4,591 


Ratio 


14,715 


23 


■2,770 
■1,185 


% 
9.0 

 .8 

23"3 


111.9 


3.7 
267.0 


24.3 


5.6 
2.4 


1.2 
11.0 


76.7 

io!3 

13 1.9 


238.8 
11.1 


447.5 
*17"2 
46;9 


CANADA 


Direct 
Premiums 
Written 


2,898, 


913,470 
186,752 
26,873 
92,249 
6,581 
7,419 
65,578 
124,235 
6,571 
2,036,309 
2,148.477 
506,521 
2,676 
8,100 
20,496 
6,611 
30,218 
243,004 
16,096 
86,589 
160 
189 
211,829 
44,894 
10,727 
89,998 
364,315 
668 
4,697 
534,373 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


308 
297,573 
70,581 
6,884 
2,575,959 
485 
56,673 
409,401 
22 
53,996 
1,204,723 
7,104 
147,549 
34,648 
90,503 
8,010 
1,391,785 
2,396,448 
3,026 
781,578 
114,233 
88,911 
4,662 
6,095 
12,092 
122,943 
100 

13/788 
8,952 
1,296 

18,975 
1,111 
15 

203,202 
418,710 
49 
20,232 
113,824 
34,995 
82,048 
13,510 
3,429 


17,730 
4,541 

■12,863 
2,127 


7,671 
2,914 
-6,309 
-1,585 
1,018,134 
-16,172 
-22,563 
1,496,870 
-89 


282,085 
■84,466 


-84,251 
108 
-13,067 
-5,391 
-31,858 


85,128 
-4,098 


279 
-501 
32,941 


12,815 

-838 


-51,816 
398,404 
52 


122 
19,115 


766,099 
556,073 


141,057 


1,571 

■4,770 


11,656 
11,261 


4,951 


4,591 


10,393 
7,754 
-53 
1,156 
55,747 
-1,956 
-1,604 
-1,176 


352 


ANNUAL  REPORT-    SUPERINTENDENT  OF  INSURANCE 


TABLE  XIII.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

SURETY  (Concl'd) 


Phoenix  Ass.  of  Canada  

Provident  Assurance  

Prudential  a— ur.  England  

Ouebec  Assurance  

Roy.d  Exchange  

R>>\  al  i  ieneral  Canada  

Royal  Insurance  

Safeco  

St.  Paul  Fire  &  Marine  

Scottish  Canadian  

Seaboard  Surety  Co  

Sentry  Insurance  Mutual  

Sirncoe  &:  Erie  

Sun  Alliance  Ins.  Co  

Sun  Insurance  Office  

Toronto  General  

Traders  General  

Transamerica  Inc.  Co  

Travelers  Indemnity  

Travelers  Indemnity  of  Canada.  . 

Union  of  Canton  

United  Provinces  

United  States  Fidelity  Guar  

United  States  Fire  

Utica  Mutual  

Waterloo  Mutual  

Wawanesa  Mutual  

Wellington  Fire  

Western  Assurance  

Western  Surety  Co  

Yorkshire  Insurance  

UNLICENSED  INSURERS 
Firemens  Insurance  Company... 
Fidelity  and  Casualty  New  York 
General  Security  Assurance  

Totals  for  1973  

Totals  for  1972  

Totals  for  1971  

Totals  for  1970  

Totals  for  1969  


ONTARIO 


Direct 
Premiums 

WR]  [TEN 


336,025 
1,342 
11,378 
308 
4,323 
40 

216,806 
62,216 
23,554 
634 
6,630 
1,556 
1,124,887 
12,954 
6,621 


2,179 
54,513 
783,774 
8,531 
50 

1,509,149 
1,256 
798 
11,493 
21,488 
80,245 
163,569 
333,668 
25 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


976 
466 


11,882,665 
10,728,982 
10,604,240 
10,497,376 
9,456,210 


$ 

2,104,349 


33,133 
15 
-10 
354 
12,116 


5,886 
-6,415 


274 
250,200 


-408 


30,521 
106,731 
-3,150 

"64392 
50 

"-8,049 
5,618 
4,635 
20,348 
37,086 


3,106,642 
2,638,801 
1,341,050 
1,808,832 
480,671 


Ratio 


% 
626.2 


291.2 
4.9 


885.0 
5.6 


25.0 


17.6 
22.2 


56.0 
13.6 


4.3 
4.0 


26.1 
5.8 
12.4 
11.1 


26.1 
24.6 
12.6 
17.2 
5.0 


CANADA 

Direct 

Direct 

Losses  and 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Incurred 

$ 

$ 

% 

529,990 

2,104,978 

397.2 

164,719 

—  76,026 

65,225 

—105,636 

3,765 

1,827 

48.5 

19,669 

—4,716 

4,884 

—335 

380,268 

44,132 

11.6 

142,845 

39,906 

7,591 

19.0 

1,792 

—6,415 

98,588 

1,556 

274 

17.6 

610,805 

35.5 

46,487 

9,116 

19.6 

24,446 

7,674 

31.4 

— 28 

277,084 

310 

—2,631 

7,141 

576 

8.1 

258,072 

59,854 

23.2 

3,001,786 

90,037 

3.0 

21,154 

271 

1.3 

34,923 

553 

1.6 

2,449,170 

159,040 

4,814 

110 

2.3 

798 

11,493 

-8,049 

53,700 

2,186 

4.1 

87,747 

11,993 

13.7 

209,533 

30,716 

14.7 

1,253,900 

190,459 

15.2 

4,583 

-100 

2,082 

2,052 

8 

32,157,161 

7,181,088 

22.3 

27,027,733 

5,101,018 

18.9 

25,812,900 

4,655,127 

18.0 

22,804,478 

8,502,010 

37.2 

21,591,792 

3,421,843 

15.8 

STATISTICAL  TABLES  FOR  1973 


353 


TABLE  XIV.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

LIABILITY 


Companies 


Abstainers  Ins.  Co  

Aetna  Casualty  &  Surety  

Aetna  Insurance  

Affiliated  F  M  

Alliance  Assurance  

Allstate  Ins.  Co  

Allstate  Ins.  Co.  of  Canada  

Alpina  Insurance  

American  Home  Assurance  Co  

American  Insurance  

American  Mutual  Liability  

American  National  Fire  Ins  

American  Reinsurance  Co  

Anglo  Canada  

Argonaut  

Bankers  &  Traders  Ins.  Co.  Ltd. . 

Bay  City  General  Ins.  Co  

Boiler  Inspection  

British  America  

British  Aviation  

Buffalo  Ins.  Co  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Provincial  

Canadian  Surety  

Canadian  Universal  Ins.  Co  

Casualty  Co.  of  Canada  

Centennial  Insurance  

Central  Mutual  Insurance  Co  

Century  Insurance  Co.  of  Canada 

CNA  Assurance  Co  

Commerce  &  Industry  New  York 

Commerce  &  Industry  of  Can  

Commerce  General  

Commercial  Union  Ass.  London.  . 

Commonwealth  Insurance  Co  

Consolidated  Fire  Casualty  

Constitution  Ins.  Co.  Canada.  .  .  . 

Continental  Insurance  

Co-operative  Fire  Casualty  Co  

Co-operators'  Ins.  Assoc  

Cornhill  Ins.  Co  

Coronation  Insurance  

Cumis  Insurance  

Dominion  of  Canada  General  

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Ecclesiastical  Ins.  Office  

Economical  Mutual  

Elite  Insurance  

Employers'  Mutual  Fire  Ins.  Co.. 

Employers'  Mutual  Liability  

Employers'  Reinsurance  

English  &  American  Ins.  Co  

Equitable  General  

Excess  Insurance  Co  

Farmers  Central  Mutual  Ins.  Co.. 

Federal  Fire  

Federal  Insurance  

Federated  Mutual  Ins.  Co  

Federation  Insurance  Co.  of  Can. . 

Fidelity  Ins.  of  Canada  

Fire  Insurance  of  Canada  

Fireman's  Fund  

Foremost  

General  Accident  of  Canada  

General  Accident  Fire  Life  

General  Ins.  of  America  


ONTARIO 


Direct 
Premiums 
Written 


21,124 
1,052,778 
618,261 
47,079 
13,071 
5,652 
129,905 
63 

647,102 
100,385 
118,501 
1,360 
132,571 
49,192 

4"912 
3,379 
157 
583,703 
109,144 
11,612 
210,389 
32,250 
967,598 
-171 
3,348,374 
18 

-u 

29,280 
736,150 
27 

238,894 
254 
62,607 
53,595 
479,631 
60,990 
64,190 
315 
1,241,460 
5,462 
75 
51,151 
706,346 
6,287 
1,505,071 
69,093 
17,544 
63,070 
1,065,610 
858,299 
28,628 
604 
7,902 
1,243,372 
2,395 
1,195 
264,867 
176,182 


-103 
158,505 
1,565,338 
175,337 
79,750 
337,944 
33,746 
474,980 
352 
3,119,284 
397 
104,817 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


Ratio 


20,231 
869,060 
818,385 

95.8 
82.5 
132.4 

8  540 
932 
59,964 

65.3 
16.5 
46.2 

7,149 

-24,582 
62,520 
100 

1.1 

52.8 
7.4 

29,053 

59.1 

1,306 

2,449 

26.6 
72.5 

417,380 

-369,487 

71.5 

192,112 
—3,386 
392,350 
9,059 
1,557,811 
1  229 
226 
10,588 
325,013 

91.3 
40.5 
46.5 

36.2 
44.2 

120,209 

50.3 

77,302 
14,419 
88,160 
49,029 

123.5 
26.9 
18.4 
80.4 

22,582 
792,108 
-2,448 
—2 
-20 
264,138 
259 
888,076 
8,079 
86 

63.8 

37.4 
4.1 
59.0 
11.7 
.5 

444,276 
900,666 
136,331 

41.7 
104.9 
476.2 

232 
366,235 
7 

2.9 
29.5 
.3 

43,361 
-9,938 

16.4 

857 
94,729 
701,033 
311,461 
67,410 
73,507 
64,057 
270,058 

59.8 
44.8 

177.6 
84.5 
21.8 

189.8 
56.9 

2,141,517 

-49,409 
76,559 

68.7 
73.0 

CANADA 


Direct 
Premiums 
Written 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


24,606 
2,073,637 
1,463,205 
248,382 
78,084 
5,692 
239,612 
63 

1,780,741 
389,382 
121,190 
8,471 
175,267 
49,192 
21,034 
61,063 
6,316 
157 
1,118,580 
393,780 
91,496 
846,741 
110,257 
2,867,299 
582,492 
9,666,359 
1,485,021 
30,270 
110,914 
2,667,195 
135,493 
326,429 
245 
77,776 
263,723 
730,633 
63,000 
36,415 
1,816,642 
4,003,919 
5,056 
670 
51,186 
5,917,240 
1,048,157 
1,505,071 
169.140 
17,844 
196,456 
1,586,797 
1,453,486 
59,290 
702 
14,973 
1,696,527 
33,459 
1,687 
348,158 
532,150 
2,893 
201,775 
133 
-103 
274,318 
2,689,869 
724,939 
343,325 
755,904 
202,718 
782,121 
76,261 
4,017,181 
18,988 
384,725 


20,231 
1,813,989 
1,142,535 
2,568 
79,799 
916 
120,104 

52436 
3,377 
80,225 
246 

297)53 
6,750 
7,209 
2,449 


726,818 
-197,758 
5,000 
381,771 
-10,587 
1,684,040 
233,045 
6,061,196 
1,128,653 
7,451 
39,276 
1,339,994 
165,972 
145,503 
-9,943 
91,066 
130,726 
165,124 
49,724 

'  L49L046 
2,614,017 
916 
-321 
-20 
3,073,391 
680,449 
888,076 
23,158 


799,016 
932,373 
619,877 

232 
589,560 
1.037 

'2627126 
-12,789 
1,449 
233,544 

857 
113,058 
1,858.649 
528,613 
226,828 
377,782 
120,935 
371,296 
43,226 
2,547,815 
-69,502 
80,582 


854 


VNNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XIV.  OTHER  THAN  LIFE 
PR  KM  II  MS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

LIABILITY  (Cont'd) 


Companies 


General  Security  of  Canada  

Gerling  Global  General  

Gibraltar  General  Ins.  Co  

Globe  Indemnity  of  Canada  

Gore  Mutual  

Grain  Insurance  

Great  American  Insurance  

Great  Eastern  Insurance  

Guarantee  Co.  of  N.  A  

Guardian  Assurance  

Guardian  Insurance  of  Canada. .  . 

Halifax  Insurance  

Hanover  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Ideal  Mutual  

Imperial  Guar  &  Accident  

Insurance  of  North  America  

Insurance  Corp.  of  Ireland  

Law  Union  8:  Rock  

Liberty  Mutual  Fire  

Liberty  Mutual  Insurance  

Liverpool  &;  London  Globe  

Lloyds  

London  Lancashire  Insurance.  . .  . 

London  and  Midland  

London  Assurance  

Lumbermen's  Mutual  Casualty. . . 

Maryland  Casualty  

Merit  Insurance  

Michigan  Mutual  Liability  

Middlesex  Mutual  Ins.  Co  

Missisquoi  &  Rouville  

National  Employers  

New  Hampshire  Insurance  Co..  .  . 

New  India  Assurance  

Niagara  Fire  

North  British  &  Mercantile  

Northumberland  General  Ins.  Co. 
North  Waterloo  Farmers'  Mutual. 

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee  

Ontario  Farmers'  Mutual  

Orion  Insurance  

Otter-Dorchester  Mutual  Ins.  Co. 

Pacific  Employers  

La  Paix  General  

Pearl  Assurance  Co  

Pearth  Ins.  Co  

Phoenix  Asse.  of  Canada  

Pilot  

Pitts  Insurance  

Portgage  La  Prairie  Mutual  

Provident  Assurance  

Provincial  Insurance  

Prudential  Assurance  England  

Quebec  Assurance  

Queensland  •  

Reliance  of  Philadelphia  

Royal  Exchange  

Royal  General  Canada  

Royal  Insurance  

Safeco  

St.  Paul  Fire  &  Marine  

Saskatchewan  Mutual  

Scottish  &  York  

Scottish  Canadian  

Scottish  Union  &  National  

Seaboard  Surety  Co  

Security  Mutual  Casualty  

Sentry  Insurance  Mutual  

Simcoe  &  Erie  


ONTARIO 

CANADA 

Direct 

Direct 

Direct 

Losses  and 

Direct 

Losses  and 

Premiums 

Adjustment 

Ratio 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Written 

Expenses 

Incurred 

Incurred 

$ 

$ 

% 

$ 

% 

% 

195,810 

13,776 

7.0 

2,320,074 

1,011,164 

43.6 

356,744 

66,268 

18.6 

542,206 

137,871 

25.4 

42,814 

42,814 

3,024,777 

546,416 

18.1 

3,353,051 

916,280 

27.3 

1,457,214 

665,404 

45.7 

1,833,195 

787,144 

42.9 

3,578 

3,356 

93.8 

51,921 

13,257 

25.5 

831,282 

452,556 

54.4 

1,263,067 

730,479 

57.8 

109,621 

80,634 

73.6 

272,937 

210,384 

77.1 

420,956 

224,297 

53.3 

804,625 

378,355 

47.0 

107,182 

41,497 

38.7 

241,946 

54,531 

22.5 

1,108,339 

1,011,652 

91.3 

3,674,399 

2,647,456 

72.1 

426,019 

198,288 

46.5 

908,591 

561,964 

61.9 

2,790 

188 

6.7 

4,332 

188 

4.3 

1,577,343 

1,194,375 

75.7 

3,001,885 

1,579,485 

52.6 

1,452,505 

475,420 

32.7 

2,033,566 

1,847,159 

90.8 

76,438 

21,461 

28.1 

126,430 

43,225 

34.2 

6,513 

11,671 

179.2 

20,601 

12,501 

60.7 

24,386 

74,725 

306.4 

246,803 

443,586 

179.7 

923,181 

102,525 

11.1 

1,628,766 

488,679 

30.0 

6 

26,095 

-4,610 

4,000 

56,129 

5,209 

9.3 

111,918 

57,052 

51.0 

526,409 

799,006 

151.8 

815,659 

1,125,852 

138.0 

93,654 

21,868 

23.3 

269,956 

162,710 

60.3 

2,564,526 

396,787 

15.5 

5,379,123 

2,905,895 

54.0 

254,533 

141,563 

55.6 

348,357 

261,387 

75.0 

38,941 

24,107 

61.9 

74,838 

123,693 

165.3 

169,602 

78,304 

46.2 

484,441 

320,356 

66.1 

619,279 

492,530 

79.5 

918,011 

700,371 

76.3 

173,466 

21,200 

12.2 

1,044,493 

428,889 

41.1 

310 

315 

94 

94 

8,745 

63,121 

8,235 

13.0 

157,207 

50,874 

32.4 

16,632 

1,821 

10.9 

89,008 

36,424 

40.9 

65,670 

33,793 

51.5 

407,071 

123,980 

30.5 

187 

193 

2,440 

697 

33,743 

122,385 

42,792 

35.0 

538,720 

173,674 

32.2 

8,015 

2,477 

30.9 

33,461 

4,991 

14.9 

207,646 

79,375 

38.2 

207,646 

79,375 

38.2 

257,735 

138,744 

53.8 

941,124 

443,664 

47.1 

196,103 

205,978 

105.0 

448,801 

293,522 

65.4 

663,093 

124,409 

18.8 

1,156,184 

489,061 

42.3 

19,192 

34,968 

182.2 

19,192 

34,968 

182.2 

41,252 

-27,632 

82,257 

55,638 

67.6 

22,157 

8,906 

40.2 

22,157 

8,906 

40.2 

243 

774 

318.5 

6,737 

9,135 

135.6 

1,551 

132 

8.5 

161,096 

170,959 

106.1 

362,947 

641,821 

176.8 

578,328 

663,127 

114.7 

149,496 

9,210 

6.2 

215,351 

45,396 

21.1 

1,303,733 

1,594,221 

122.3 

2,702,423 

2,313,281 

85.6 

210,938 

40,388 

19.1 

210,938 

40,388 

19.1 

19,065 

17,491 

91.7 

19,182 

20,411 

106.4 

58,425 

58,182 

99.6 

329,404 

133,839 

40.6 

85,460 

14,937 

17.5 

2,952,557 

2,248,441 

76.2 

29,294 

19,057 

65.1 

119,520 

66,997 

56.1 

678,498 

528,431 

77.9 

5,865,894 

3,592,554 

61.2 

218 

9,471 

612,112 

565,846 

92.4 

10,708 

15,323 

143.1 

245,012 

20,357 

8.3 

430,066 

170,978 

39.8 

87,439 

7,671 

8.8 

366,384 

203,111 

55.4 

1,561 

-13,252 

128,622 

179,627 

139.7 

2,126,335 

3,961,424 

186.3 

7,731,175 

7,621,320 

98.6 

251,440 

36,842 

14.7 

535,742 

152,343 

28.4 

878,437 

114,111 

13.0 

1,686,091 

738,694 

43.8 

187,423 

121,218 

64.7 

278,829 

89,095 

32.0 

673,357 

180,523 

26.8 

24,415 

-6,551 

32,122 

-4, 60S 

29,484 

16,171 

54.8 

58,821 

17,026 

28.9 

108,499 

69,132 

63.7 

162,468 

97,008 

59.7 

5,923 

2,149 

36.3 

23,832 

-7,441 

66,746 

8,368 

12.5 

68,814 

8,593 

12.5 

2,081,267 

460,907 

22.1 

4,832,185 

1,987,916 

41.1 

STATISTICAL  TABLES  FOR  1973 


355 


TABLE  XIV.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


LIABILITY  (Cont'd) 


Companies 


Stanstead  &  Sherbrooke  

State  Farm  Fire  &  Casualty  

Sun  Alliance  Ins.  Co  

Sun  Insurance  Office  

Switzerland  General  

Tokio  Marine  

Toronto  General  

Traders  General  

Transport  Indemnity  

Transport  Insurance  

Transportation  Fire  Cas  

Travelers  Indemnity  

Travelers  Indemnity  of  Canada 

Travelers  Insurance  

Unigard  Mutual  

Union  of  Canton  

United  Canada  Insurance  Co.. . 

United  Provinces  

United  States  Fidelity  Guar  

United  States  Fire  

Unity  Fire  &  General  Ins  

Upper  Canada  

Utica  Mutual  

Victoria  Ins.  Co  

Waterloo  Mutual  

Wawanesa  Mutual  

Wellington  Fire  

Western  Assurance  

Western  Farmers  Mutual  

York  Fire  &  Casualty  

Yorkshire  Insurance  

Zurich  


UNLICENSED  INSURERS 

Ancienne  Mutuelle  Accidents. . . 

General  Security  Assurance  

Firemens  Insurance  Company. . 
Fidelity  and  Casualty  New  Yorl< 

Totals  for  1973  

Totals  for  1972  

Totals  for  1971  

Totals  for  1970  

Totals  for  1969  


ONTARIO 


Direct 
Premiums 
Written 


66,638 
119,668 
66,274 
211,797 
11,124 
192 
11,389 
931 
3,050 
63,887 
27,029 
892,110 
350,509 
12,561 
39,987 
360,533 
41,288 
39,232 
990,688 
624,998 
20,095 
69 
6,364 
65,521 
395,924 
466,090 
447,274 
3,026,299 
260,757 
14,158 
34 

782,782 


3,909 
5,172 
52,019 


60,096,304 
52,376,302 
46,362,367 
41,478,311 
37,891,627 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


20,827 
26,141 
17,614 
122,827 
6,822 


5,534 

-2,968 


3,235 

12.0 

593,386 

66.5 

58,945 

16.8 

-4,000 

9,337 

23.4 

140,592 

39.0 

42,921 

109.4 

277,972 

28.1 

258,110 

41.3 

2,241 

11.2 

-5,113 

8,811 

13.4 

97,888 

24.7 

123,372 

26.5 

232,694 

52.0 

2,157,279 

71.3 

130,825 

50.2 

8,908 

62.9 

296 

870.6 

517,090 

66.1 

2,385 
3,176 
129 


32,736,537 
21,463,691 
26,136,650 
21,868,592 
16,903,035 


% 

31.3 
21.8 
26.6 
58.0 
61.3 

'48"6 

2L6 


61.0 
61.4 


54.5 
41.0 
56.3 
52.7 
44.6 


CANADA 


Direct 
Premiums 
Written 


385,657 
152,783 
287,518 
483,010 
61,571 
1,614 
43,911 
702 
3,050 
149,560 
27,029 
1,257,810 
1,794,358 
-485 
611,730 
631,638 
247,934 
875,932 
1,700,379 
1,865,588 
24,478 
69 
9,506 
104,649 
395,924 
1,022,353 
453,605 
4,080,334 
260,757 
14,158 
40,734 
1.589,052 


7,710 

8,142 
135,465 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


144,682,030 
128,539,516 
112,758,331 
100,475,831 
92,976,678 


206,157 
27,713 
172,302 
226,431 
17,899 
7,867 
135,300 
6,222 
4,293 
-25,144 
3,235 
1,938,515 
818,933 
21,057 
650,504 
194,385 


659,517 
892,950 
861,021 
8,414 


-5,113 
56,590 
97,888 
345,414 
220,670 
2,820,838 
130,825 
8,908 
11,623 
1,101,270 


83,602 
4,938 
20,361 
■10,201 


86,726,381 
63,014,444 
67,687,439 
57,505,744 
46,371,219 


53.5 
18.1 
59.9 
46.9 
29.1 
487.4 
308.1 
886.3 
140.8 

12  !6 
154.1 
45.6 

i66'!3 
30.8 

7fK3 
52.5 
46.2 
34.4 


54.1 
24.7 
33.8 
48.6 
69.1 
50.2 
62.9 
28.5 
69.3 


64.0 
250.1 


59.9 
49.0 
60.0 
57.2 
49.9 


356 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XIV.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


LIABILITY  (Concl'd) 


Direct 

Direct 

Losses  and 

Companies 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Incurred 

FARMERS'  MUTUALS 

$ 

$ 

% 

Algoma  

1,863 

520 

28.0 

172 

1,295 

761.8 

4,720 

2,145 

45.6 

5,400 

1,144 

21.2 

Bertie  &  Clinton  

14,304 

10,907 

76.3 

1,656 

119 

7.2 

3,871 

682 

17.6 

Caradoc  Farmers  

1,016 

369 

36.4 

Cayuga  

4,833 

175 

3.6 

Culross  

642 

1,985 

796 

40.0 

Dufferin  

6,740 

651 

9.7 

4,513 

2,839 

63.1 

1,850 

603 

32.6 

Ekf  rid  . 

1,807 

1,940 

107.8 

3,773 

520 

13.8 

5,616 

4,797 

85.4 

25,982 

17,336 

66.7 

6,940 

788 

11.4 

10,301 

23,923 

232.3 

31,722 

25,120 

79.2 

Grev  S:  Bruce  

4,733 

397 

8.4 

13,336 

4,327 

32.4 

Hamilton  Township  

13,976 

19,863 

142.1 

6,959 

1,563 

22.5 

10,584 

1,178 

11.1 

1 1 ,020 

2,266 

20.6 

15,448 

2,005 

13.0 

8,692 

—S63 

13,463 

4,543 

33.7 

9,804 

11,758 

120.0 

Lobo  

1,486 

1,775 

490 

281 

4,461 

5,918 

3,816 

64.7 

North  Blenheim  Farmers  

3,770 

581 

15.4 

North  Dumfries  &  South  Waterloo  

5,023 

1,189 

23.8 

North  Kent  

4,376 

144 

3.3 

Oxford  

5,768 

4,948 

85.8 

Peel  

17,050 

-480 

2,984 

4,041 

135.6 

4,209 

3,473 

82.7 

14  072 

2  575 

18.4 

653 

1,890 

1,000 

52.9 

Usborne  &  Hibbert  

4,178 

-3,133 

3,255 

-137 

West  Wawanosh  

6,509 

2,628 

40.4 

560 

912 

162.9 

Totals  for  1973  

331,968 

169,724 

51.1 

Totals  for  1972  

241,694 

60,393 

25.0 

Totals  for  1971  

147,743 

69,575 

47.1 

ONTARIO 

CANADA 

Companies 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

RECAPITULATION 

$ 

$ 

% 

$ 

$ 

% 

60,096,304 
331,968 

32,736,537 
169,724 

54.5 
51.1 

144,682,030 
331,968 

86,726,381 
169,724 

59.9 
51.1 

Totals  for  1973  

Totals  for  1972  

Totals  for  1971  

Totals  for  1970  

Totals  for  1969  

60,428,272 
52,617,996 
46,510,110 
41,478,311 
37,891,627 

32.906,261 
21,524,084 
26,206,225 
21,868,592 
16,903,035 

54.5 
40.9 
56.3 
52.7 
44.6 

145,013,998 
129,115,828 
112,906,074 
100,475,831 
92,976,678 

86,896,105 
63,164,689 
67,757,014 
57,505,744 
46,371,219 

59.9 
48.9 
60.0 
57.2 
49.9 

STATISTICAL  TABLES  FOR  1973 


357 


TABLE  XV.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

BOILER  AND  MACHINERY 


Companies 


ONTARIO 


Aetna  Casualty  &  Surety  

Affiliated  F.  M  

Allendale  

Alliance  Assurance  

American  Insurance  

American  National  Fire  Ins  

Arkwright- Boston  Manfg.  Mutual 

Boiler  Inspection  

British  America  

Canada  Accident  &  Fire  

Canada  Security  

Canadian  General  

Canadian  Home  Assurance  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Pioneer  Insurance  

Canadian  Surety  •  • 

Century  Insurance  Co.  of  Canada 

Commerce  General  

Commercial  Union  Ass.  London.  . 

Consolidated  Fire  Casualty  

Continental  Insurance  

Dominion  of  Canada  General. .  .  . 

Dominion  Ins.  Corp  

Eagle  Star  Ins.  Co.  Canada  

Economical  Mutual  

Federal  Fire  

Federal  Insurance  

Fireman's  Fund  

General  Accident  of  Canada  

General  Accident  Fire  Life  

General  Security  of  Canada  

Gerling  Global  General  

Gibraltar  General  Ins.  Co  

Globe  Indemnity  of  Canada  

Gore  Mutual  

Great  American  Insurance  

Guarantee  Co.  of  N.A  

Guardian  Assurance  

Guardian  Insurance  of  Canada.  . 

Halifax  Insurance  

Hartford  Fire  

Home  Insurance  

Hudson  Bay  

Imperial  Guar.  &  Accident  

Insurance  of  North  America  

Liverpool  &  London  Globe  

Lloyds  

London  Lancashire  Insurance.  .  . 

London  Assurance  

Lumbermen's  Mutual  Casualty. . 

Maccabees  Mutual  Life  

Maryland  Casualty  

Mutual  Boiler  Machinery  

Niagara  Fire  

North  British  &  Mercantile  

Northern  Assurance  

Norwich  Union  Fire  

Ocean  Accident  &  Guarantee  

La  Paix  General  

Pearl  Assurance  Co  

Philadelphia  Manufacturers  

Phoenix  Assur.  of  Canada  

Protection  Mutual  

Provident  Assurance  

Prudential  Assurance  England . . . 

Quebec  Assurance  

Reliance  of  Philadelphia  

Royal  Exchange  

Royal  General  Canada  

Royal  Insurance  

St.  Paul  Fire  &  Marine  

Scottish  Canadian  

Scottish  Union  &  National  


Direct 
Premiums 
Written 


7,761 


516,830 
643 
1,460 
370 
170,254 
2,176,215 
47,921 
29,111 
771 
15,516 
75 
14,020 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


269,667 


700 


Ratio 


52.2 


2.8 
28.4 
27.4 

2.6 


7.2 

"2A 
1.1 
38.4 

"£L6 


12.6 
17.9 


37.6 

"50. i 
30.5 
10.0 


47.6 
17.2 
11.4 
339.3 


16.9 

i"i 

7.3 
73.1 

lTl 
15.3 

26'!9 
14.3 
23.9 
17.7 


489. 


3.3 


47. 


CANADA 


Direct 
Premiums 
Written 


45,637 
-44,728 
2,237,763 
1,116 
1,518 
370 
332,930 
5,769,445 
107,875 
123,099 
2,689 
29,824 
4,450 
37,117 
47,375 
698 
25,778 
31,192 
83,922 
454,798 
152 
1,197,233 
26,917 
240,822 
696 
44,819 
4,738 
50,591 
26,304 
2,093,930 
169,501 
34,650 
803,302 
173 
59,893 
22,622 
32,381 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


12,090 
166,538 
20,395 
78,733 
109,292 
21,621 
40,613 
16,645 
53,070 
925 
54,877 
20,333 
1,146,095 
7,347 
203,598 
1,156,572 
765 
60,188 
134,906 
28,222 
625,038 
6,862 
7,233 
33,034 
110,473 
196,426 
74,289 
88,080 
113,112 
7,319 
2,950 
9,181 
1,975,371 
17,670 
19,677 
684 


1,382 
3,074,531 


8,493 
1,812,626 
19,808 
8,998 
-400 
700 


Ratio 


137.4 


2.6 
31.4 
18.4 

7.3 

"2.Z 


19 
1,094 

.1 
2.3 

646 
4,611 
25,961 

2.1 

5.5 
5.7 

643,535 
247 
40,797 

53.8 
.9 
16.9 

5,107 

11.4 

3,534 
533,448 
6,611 
1,000 
349,295 

13.4 
25.5 
3.9 
2.9 
43.5 

14,402 
5,001 
8,485 
10 
-100 
78,120 
3,677 
11,162 
198,982 

24.0 
22.1 
26.2 

46.9 
18.0 
14.2 
182.1 

-118 

5,626 
14,217 
351 
2,422 
987,312 

10.6 

.6 
11.9 
86.1 

36,489 
396,611 
408 
8,545 
29,955 
3,100 
54,309 
65 

17.9 
34.3 
53.3 
14.2 
22.2 
11.0 
8.7 
.9 

50,289 

152.2 

10,298 
13,188 
7,632 
8,973 

5.2 
17.8 
8.7 
7.9 

1,035 
439,147 
4,262 
5,113 

11.3 
22.2 
24.1 
26.0 

858 


ANNUAL  REPORT  — SUPERINTENDENT  OF  INSURANCE 


TABLE  XV.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


BOILER  AND  MACHINERY  (Goncl'd) 


ONTARIO 

CANADA 

Companies 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

$ 

$ 

% 

% 

$ 

07 
/O 

Sun        mce  In^  C^o 

4  226 
4J34 

51 

1  9 

6,587 
10,118 
13,565 
—  16 

51 
600 
1,379 

.8 
5.9 
10.2 

8,553 
94 

1,879 

22.0 

-86 

-86 

Travelers  Indemnity  

13,794 
81,680 

745 

—  o,U3ci 
5,928 
540 

117,413 
273,531 
11,851 
33,212 
8,912 
12,193 
561,991 
11,567 
44,550 

140 

14,283 
47,887 
540 
-581 
3,063 
500 
88,459 
-45 
1,494 

12.2 
17.5 
4.6 

Travelers  Indemnity  of  Canada.. 

7.3 
22.7 

United  States  Fire  

O  417 

10,841 
425,234 
—50 

— 915 

34.4 
4.1 
15.7 

117 
49,881 

—1,500 

1.1 
11.7 

UNLICENSED  INSURERS 
Firemens  Insurance  Company  

31,855 

1,494 

4.7 

3.4 

Fidelity.and  Casualty  New  York. 

365 

4,261 

Totals  for  1973  

8,465,318 

2,666,132 

31.5 

21,831,610 

9,098,691 

41.7 

Totals  for  1972  

10,682,044 

3,757,784 

35.2 

24,634,223 

7,713,386 

31.3 

Totals  for  1971  

9,010,195 

2,330,286 

25.8 

22,405,363 

7,037,251 

31.4 

Totals  for  1970  

8,169,777 

2,032,897 

14.9 

20,057,655 

4,830,745 

24.1 

Totals  for  1969  

7,325,880 

1,973,610 

26.9 

17,226,691 

5,633,193 

32.7 

STATISTICAL  TABLES  FOR  1973 


359 


TABLE  XVI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

ACCIDENT  AND  SICKNESS 


Companies 


ONTARIO 


Abbey  Life  Ins.  Co  

Aetna  Insurance  

Aetna  Life  

Alliance  Assurance  

Alliance  Mutual  Life  

Allstate  Ins.  Co  

Allstate  Ins.  Co.  of  Canada.  ...  . 
American  Bankers  Ins.  Co.  of  Ma 

American  Bankers  Life  Assur  

American  Health  &  Life .....  

American  Home  Assurance  Co  

American  Mutual  Liability  

Artisans  Life  Ins.  Co-op   .  ■ 

Assumption  Mutual  Life  Ins.  Co. . 

L' Assurance  Vie  Desjardins  

Bankers  Life  Des  Moines  

British  America  

British  Aviation  

British  Pacific  Life  

Canada  Accident  &  Fire  

Canada  Life  

Canada  Security  

Canadian  General  

Canadian  General  Life  

Canadian  Indemnity  

Canadian  Mercantile  

Canadian  Premier  Life  

Canadian  Universal  Ins.  Co  

Capitol  Life  

Casualty  Co.  of  Canada  

CNA  Assurance  Co  

Combined  Insurance  

Commerce  General  

Commercial  Travelers  Mutual  Ins. 
Commercial  Union  Ass.  London.  . 

Confederation  Life   

Connecticut  General  Life  

Constitution  Ins.  Co.  Canada.  .  .  . 

Continental  Assurance  Co  

Continental  Insurance  

Co-operative  Fire  Casualty  Co... . 

Co-operators  Ins.  Assoc  

Coronation  Insurance  

Credit  Life  

Crown  Life  

Cumis  Insurance  

Cuna  Mutual  

Dominion  of  Canada  General. .  .  . 

Dominion  Ins.  Corp  

Dominion  Life  

Eagle  Star  Ins.  Co.  Canada  

Eaton  Insurance  Company  

Eaton  Life  Assurance  Co  

Economical  Mutual  

L'Economie  Mutuelle  D' Assurance 

Empire  Life  Ins.  Co  

Employers  Mutual  Liability  

Equitable  Life  Assce.  U.S  

Equitable  Life  Ins.  Canada  

Excelsior  Life  

Federal  Insurance  

Federal  Life  &  Casualty  

Federated  Mutual  Ins.  Co  

Fidelity  Ins.  of  Canada  

Fireman's  Fund  

Ford  Life  

Franklin  Life  

General  Accident  of  Canada  

General  Accident  Fire  Life  

General  American  Life  

General  Fire  &  Casualty  

Gerling  Global  Life  

Globe  Indemnity  of  Canada  

Globe  Life  Insurance  Co  


Direct 
Premiums 
Written 


405,358 
9,356 
7,426,608 
10,669 
30,469 
3,996 
292,319 
20,526 
225,728 
10,333 
842,239 
52,687 
18,225 


49,334 
325,076 
25,907 
29,040 
429,180 
18,234 
,673,933 
2,886 
37 

888,352 
157 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


61,189 


1,240,618 
2,349 
10,373,994 
4,231,639 


235,609 
413,315 
20,632,309 
1,943,542 
562,481 
332,538 
671,123 
143,992 
1,205,891 
2,631 
95.598 
6,624,486 
7,286 
995,677 
79,827 
124,220 
4,047,273 
8,624 
66,280 
1,535,292 
57,846 
1,987 
311,116 
20,786 
1,228,276 
814,425 
12,448,032 

""ij849|998 
168 
316 
138,500 
222,118 
17,673 
193,556 
19 

11,613 
4,072 
2,376 
4,148 
2,563 


188,200 
-3,693 
5,993,919 
282 
68,269 
2,713 
139,606 
10,000 
82,125 
—  1,282 
858,094 

8|395 

32386 
312,287 
2,504 

557197 
2,313 
4,582,448 


336,859 


29,793 

"414/298 
-U8 
7,567,135 
1,377,820 


160,589 
127,015 
18,037,615 
2,025,553 
223,295 
243,639 
212,400 
130,268 
499,592 
4,321 
14,312 
5.400,697 
210,755 
297,908 
101,407 
23,806 
3,416,135 
1,905 
32,190 
1,476,054 
28.464 


254,790 
11,168 
857,852 
559,612 
10,305,162 

"Tjl38i388 
225 

64$75 
92,530 
283 
99,180 
-40 
8,611 
2,627 
51 


Ratio 


% 
46.4 

80.7 
2.6 
224.1 
67.9 
47.8 
48.7 
36.4 


101.9 
46.1 


56.7 
)6.1 
9.7 


12.9 
12.7 
68.7 


37.9 


48.7 

33!4 

72!9 
32.6 

68"2 
30.7 
87.4 

104.2 
39.7 
73.3 
31.6 
90.5 
41.4 

164.2 
15.0 
81.5 


29.9 
127.0 
19.2 
84.4 
22.1 
48.6 
96.1 
49.2 


81.9 
53.7 
69.8 
68.7 
82.8 

61.5 
133.9 

39"5 
41.7 
1.6 
51.2 


74.1 
64.5 
2.1 


CANADA 


Direct 
Premiums 
Written 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


409,706 
13,577 
10,843,945 
21,702 
4,198,174 
21,873 
745,490 
71,455 
634,634 
19,054 
1,803,056 
52,687 
3,641,884 
41,682 
7,834,444 
328,459 
57,803 
71,295 
993,044 
103,213 
14,186,764 
18,134 
37 

2,997,876 
1,165 
5,538 
453,030 
71,631 
2,360,636 
3,264 
26,213,842 
21,725,089 
8,555 
586,019 
1,264,925 
40,575,654 
2,118,654 
762,967 
379,102 
956,672 
2,009,301 
1,205,891 
2,631 
286,281 
24,694,738 
25,485 
1,979,824 
156,067 
750,497 
6,690,010 
8,717 
152,672 
3,078,790 
127,882 
588,157 
1,019,709 
20,786 
2,678,033 
1,270,239 
20,548,815 
2,150 
5,989,605 
168 
852 
139,615 
1,092,312 
20,373 
212,216 
785 
13,368 
27,800 
3,002 
15,316 
4,504 


188,914 
-8,603 
8,929,928 
3,204 
3,345,459 
14,688 
431,834 
19,342 
231,905 
-2,401 
1.776,005 


2,658,223 
78,185 
5,802,698 
315,071 
8,949 

380jl63 
27,499 
10,306,405 
52,185 


1,513,313 


2,023 
240,256 


758,201 
-1,084 
18,531,762 
8,510,632 

I,  064 
450,621 
504,300 

33,739,004 
2,178,460 
366,330 
276,038 
521,937 
1,514,332 
499,592 
4,321 
43,269 
17,784,328 
475,168 
590,000 
172,340 
175,851 
5,696,000 
-41,818 
84,283 
2,876,907 
77,377 
668,522 
698,897 

II,  168 
2,106,256 

897,800 
16,269,338 


4,050,737 
225 


100,407 
491,093 
1,363 
198.449 
-40 
9.989 
4,195 
51 
618 


Ratio 


% 

46.1 

82"3 
14.8 
79.7 
67.2 
57.9 
27.1 
36.5 

'98;5 

73  !b 
187.6 
74.1 

95.9 
15.5 

38!3 
26.6 
72.6 
287.8 


50.5 

36"5 
53.0 

82!  1 

70.7 
39.2 
12.4 
76.9 
39.9 
83.2 

102.8 
48.0 
72.8 
54.6 
75.4 
41.4 

164.2 
15.1 
72.0 


29.8 
110.4 
23.4 
85.1 

'55"2 
93.4 
60.5 
113.7 
68.5 
53.7 
78.6 
70.7 
79.2 


67.6 
133.9 


71.9 
45.0 
6.7 
93.5 

74J 
15.1 
1.7 
4.0 


360 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XVI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


ACCIDENT  AND  SICKNESS  (Cont'd) 


CoMl'ANllS 


Great  American  Insurance  

Great  Eastern  insurance  

Great  West  Life  

Guarantee  Co.  of  N.A  

Guardian  Assurance  

Guardian  Insurance  of  Canada. . 

Halifax  Insurance  

Hanover  

Hartford  Fire  

Hartford  Life  

Home  Insurance  

Hudson  Bay  

Imperial  Guar.  &  Accident  

Imperial  Life  

Independence  Life  and  Accident 

Industrial  Life  

Insurance  of  North  America. 

Insurance  Corp.  of  Ireland  

John  Hancock  Mutual  Life  , 

Laurentian  Mutual  Ass.  Co  

Laurier  Life  

Law  Union  &  Rock  

Liberty  Mutual  Insurance  

Life  Ins.  Co.  of  N.A  

Liverpool  &  London  Globe  

Lloyds  

London  Lancashire  Insurance.  .  . 

London  and  Midland  

London  Assurance  

London  Life  

Loyal  Protective  Life  

Lumbermen's  Mutual  Casualty. . 

Maccabees  Mutual  Life  

Manufacturers  Life  

Maritime  Life  Assur.  Co  

Maryland  Casualty  

Massachusetts  Mutual  Life  

Metropolitan  Life  

Ministers  Life  &  Casualty  

Montreal  Life  

Mony  Life  Ins.  Co.  of  Canada. .  . 

Mutual  Life  of  Canada  

Mutual  Life  of  New  York  

Mutual  of  Omaha  

National  Fidelity  Life  

National  Life  

New  England  Mutual  Life  

New  York  Life  

Niagara  Fire  

North  American  Life  

North  American  Life  &  Cas  

North  British  &  Mercantile  

North  West  Life  Ass.  Co.  of  Can. 

Northern  Assurance  

Northern  Life  

Norwich  Union  Fire  

Occidental  Life  of  California  

Ocean  Accident  &  Guarantee  

Old  Republic  Life  

Orion  Insurance  

Paul  Revere  Life  

Pearl  Assurance  Co  

Pennsylvania  Life  

Phoenix  Assur.  of  Canada  

Pitts  Insurance  

Pitt3  Life  Ins.  Co  

Les  Prevoyants  du  Canada  

Provident  Assurance  

Provident  Life  &  Accident  

Prudential  Assurance  England. . . 

Prudential  Ins.  America  

Quebec  Assurance  

Reliable  Life  Ins.  Co  


ONTARIO 


Direct 
Premiums 
Written 


212 
171,875 
18,178,985 
42.888 
12,223 
106,699 
22,581 


29,465 
4,694 


2,841 
9,292 
4,291,817 
610 
1,923,394 
662,856 


2,787,642 
-305 
1,069,488 


18,313 
1,474,120 
2,272 
566,816 
43,921 
2,692,229 
108,658 
20,183,253 
968,454 
137,032 

355)420 
1,637,906 
2,904,424 
68,336 
24,524,330 
25,992 
54,765 
3,496 
13,894,443 
233,920 
5,819,779 
747,034 
4,492,049 
72,429 
1,273,873 

"T286!oil 
713,322 
54,429 
40,626 
30,257 
387.682 
66,255 
1,452.972 
87,117 
846,833 

"'2^2 12/739 
18,532 
473,327 
48,587 
366,350 
2,157,075 
38,095 

3937137 
792,132 
10,755,917 
5,278 
496,859 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


450 
51,382 
14,599,866 

215 
20,118 
10,441 
—250 
7,988 
1,094 


Ratio 


212.3 
29.9 
80.3 


1.8 
18.9 
46.2 

27.1 
23.3 


850 

9.1 

3,614,758 

84.2 

1,177,933 

61.2 

573,249 

86.5 

1,803,953 

64.7 

474 

705,350 

66.0 

19,625 

107.2 

1,075,216 

72.9 

1 

140,987 

24.9 

54,102 

123.2 

1,609,400 

59.8 

12,111 

11.1 

16,759,854 

83.0 

422,992 

43.7 

20,962 

15.3 

252 

45,048 

12.7 

735,582 

44.9 

1,630,023 

56.1 

78,445 

114.8 

19,856,497 

81.0 

22,198 

85.4 

38,915 

71.1 

11,460,763 

82.5 

148,098 

63.3 

3,524,545 

60.6 

679,776 

91.0 

3,644,546 

81.1 

79,000 

109.1 

802,421 

63.0 

861 

807,369 

62.8 

469,079 

65.8 

4,155 

7.6 

54,527 

134.2 

11,102 

36.7 

185,964 

48.0 

23,340 

35.2 

978,274 

67.3 

110,390 

126.7 

519,415 

61.3 

-500 

866,970 

39.2 

1,236 

6.7 

106,604 

22.5 

4,979 

10.2 

277,876 

75.8 

1,351,266 

62.6 

112 

469,083 

119.3 

378,447 

47.8 

8,352,145 

77.7 

3 

.1 

390,753 

78.6 

CANADA 

Direct 

Direct 

Losses  and 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Incurred 

$ 

$ 

cr 
/o 

246 

450 

182.9 

250,804 

62,136 

24.8 

47,630328 

38,635301 

8l)l 

42388 

26  456 

o  ,uou 

19.1 

262,925 

38,767 

14.7 

62,863 

47  376 

75)7 

—250 

45,070 

19,770 

43.9 

5.707 

1317 

28^3 

47 

7,204 

218 

3.0 

27,759 

31,748 

114!4 

8,290,454 

6,798/793 

82.0 

610 

Q  138  Q«n 

y,ioo,yuu 

i  k  H7Q  one; 

iO,U<  0,1)1)0 

•■■■■"X 
loo.U 

996,720 

804,875 

80.8 

1,259 

—  7  SO 

3,506,255 

2,198,707 

62.7 

3,212,091 

2,287,574 

7L2 

1,310,234 

'853)226 

65)l 

3J05 

28,526 

49312 

171.8 

2,133,869 

1,659/799 

77)8 

21,980 

2363 

ll)7 

1,613,969 

480314 

293 

75,009 

52337 

70)4 

7,277,693 

4,652391 

63)9 

165,763 

264,255 

159)4 

34,659,412 

29,160,214 

84.1 

1,779,532 

685316 

38)5 

306,099 

183,637 

60.0 

2,743 

906,855 

167J89 

18.4 

2,828)l67 

1,152337 

40)7 

10,972,080 

6,3 12362 

57)5 

95,809 

98344 

102)9 

42,492,381 

33,720383 

79)4 

59,692 

43/473 

723 

179,998 

141,952 

78)9 

7,992 

1383 

17)3 

22,433,137 

18,502,167 

82.5 

fiftQ  Q1  9 

'97  c  r\o-i 
£t  O.uol 

45.1 

15,858,361 

9,558,324 

60.3 

747,034 

679,776 

9l)o 

8,813308 

7,980)492 

90)5 

72,541 

80)l70 

110)5 

4.038J48 

2,943)452 

72.9 

144 

1  )409 

978)5 

2,262,103 

1,555)465 

68)8 

1 354,980 

'697314 

55*6 

173344 

50367 

29)0 

166,614 

147  397 

88)8 

196374 

175)475 

89)l 

511186 

262,533 

51  4 

1461608 

47)497 

32)4 

4,858,105 

2,980,226 

61.3 

129,106 

116,374 

90.1 

1,544,317 

1,131,847 

73.3 

-500 

4,879,084 

2,002,854 

41.0 

47,313 

102,691 

217.0 

3,725,626 

839,100 

22.5 

111,288 

6,848 

6.2 

1,911,246 

914,961 

47.9 

2,534,556 

1,580,889 

62.4 

2,908,172 

2,212,925 

76.1 

1,368 

1,420 

103.8 

680,753 

580,973 

85.3 

2,374,989 

774,899 

32.6 

22,707,715 

18,098,002 

79.7 

229,733 

32,760 

14.3 

1,123,229 

671,508 

59.8 

STATISTICAL  TABLES  FOR  1973 


361 


TABLE  XVI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


ACCIDENT  AND  SICKNESS  (Concl'd) 


ONTARIO 

CANADA 

Direct 

Direct 

Companies 

Direct 

Losses  and 

Direct 

Losses  and 

Premiums 

Adjustment 

Ratio 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Written 

Expenses 

Incurred 

Incurred 

$ 

$ 

% 

$ 

$ 

% 

41,956 

1,916 

4.6 

76,312 

11,717 

15.4 

42,304 

10,035 

23.7 

144,891 

22,038 

15.2 

468,095 

213,305 

45.6 

1,303,470 

576,122 

44.2 

St  Paul  Fire  &  IVIarine 

95,230 

71,034 

74.6 

134,556 

69,736 

51.8 

19,966 

1,939,054 

1,564,990 

80.7 

9,536 

—3,766 

9,686 

—3,766 

13 

—1,000 

1,667 

—  732 

3,924 

—25 

8,923 

—25 

68,833 

46,591 

67.7 

485,410 

238,820 

49.2 

Security  Mutual  Casualty  

6,171 

6,158 

99.8 

35,329 

26,141 

74.0 

State  Farm  Fire  &  Casualty 

2,112 

87 

4.1 

3,321 

136 

4.1 

152,741 

75,738 

49.6 

183,218 

104,259 

56.9 

49,208 

2,593 

5.3 

129,066 

21,827 

16.9 

102,008 

9.808 

9.6 

224,997 

285,699 

127.0 

Sun  Life  Insurance 

9,641,183 

7,801,511 

80.9 

23,683,571 

21,448,109 

90.6 

10,050,699 

8,606,743 

85.6 

15,636,111 

11,832,120 

75.7 

6,142,901 

5,973,636 

97.2 

11,945,934 

11,729,148 

98.2 

253,556 

39,800 

15.7 

680,192 

236,344 

34.7 

Unigard  Mutual  

137 

6,349 

7,028 

110.7 

10,835 

98 

.9 

18,366 

3,678 

20.0 

Union  Mutual  Life  

281,473 

262,731 

93.3 

1,219,584 

1,017,229 

83.4 

Union  Mutual  Life  Association  of 

4,683,153 

1,049,977 

22.4 

7,949,121 

4,309,590 

54.2 

22,321 

25,893 

116.0 

53,655 

45,372 

84.6 

United  Benefit  Life  

22,400 

7,033 

31.4 

26,897 

6,731 

25.0 

1,140 

-2,750 

6,893 

-627 

Washington  National  

87,192 

82,148 

94.2 

87,192 

82,148 

94.2 

489,961 

483,541 

98.7 

546,781 

505,214 

92.4 

69,618 

67,400 

96.8 

93,052 

67,222 

72.2 

-1,180 

160 

-1,180 

3,273,461 

2,339,539 

71.5 

14,536,466 

10,429,749 

71.7 

UNLICENSED  INSURERS 

Firemens  Insurance  Company  

Fidelity  and  Casualty  New  York. 

5,300 

6,314 

119.1 

8,885 

50 

.6 

8,885 

8,205 

92.3 

261,207,948 

196,074,260 

75.1 

590,073,231 

442,972,942 

75.1 

Totals  for  1972  

222,849,738 

171,008,127 

76.7 

498,918,484 

372,477,558 

74.7 

Totals  for  1971  

187,167,083 

148,736,315 

79.4 

416,083,441 

320,680,541 

77.0 

Totals  for  1970  

162,827,578 

113,183,532 

69.5 

399,292,523 

296,440,296 

74.2 

Totals  for  1969  

208,366,775 

173,708,022 

83.3 

438,091,919 

347,193,403 

79.2 

362 


ANNUAL  REPORT-    sri'KRINTENDENT  OF  INSURANCE 


TABLE  XVII.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

AIRCRAFT 


Companies 


Aetna  Casualty  &  Surety  

Aetna  Insurance  

Alliance  Assurance  

American  Home  Assurance  Co  

Avi.it ion  General  

British  America  

British  Aviation  

Canadian  Indemnity  

Commercial  Union  Ass.  London.  . 

Commonwealth  Insurance  Co  

Continental  Insurance  

Coronation  Insurance  

Eagle  Star  Ins.  Co.  Canada  

Employers  Mutual  Liability  

English  &  American  Ins.  Co  

Great  Eastern  Insurance  

Guardian  Assurance  

Hartford  Fire  

Home  Insurance  

Insurance  of  North  America  

Liberty  Mutual  Insurance  

Lloyds  

London  Lancashire  Insurance.  . .  . 

Maryland  Casualty  

Middlesex  Mutual  Ins.  Co  

Orion  Insurance  

Phoenix  Assur.  of  London  

Prudential  Assurance  England. . .  . 

Royal  Exchange  

Royal  Insurance  

St.  Paul  Fire  &  Marine  

Simcoe  &  Erie  

Transport  Indemnity  

Travelers  Indemnity  

United  States  Fidelity  Guar  

United  States  Fire  

Victoria  Ins.  Co  

Western  Assurance  

UNLICENSED  INSURERS 
Totals  for  1973  

Totals  for  1972  

Totals  for  1971  

Totals  for  1970  

Totals  for  1969  


ONTARIO 


Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
e  scpenses 
Incurred 

Ratio 

$ 

58,063 
8,393 
12,786 

$ 

4,306 
47,080 

-18,472 
-52,592 
7,373 
751 
633,940 
779 
18,040 

% 

7.4 

560.9 

44,566 
31,266 
1,033,443 
6,905 
29,497 
1,241 
347,748 
258,822 
8,394 

16.5 
2.4 
61.3 
11.3 
61.2 

30,372 
157,078 
47,140 
3,790 
-6,970 
442,296 
6,911 

8.7 
60.7 
561.6 

238 
25,446 
24,338 

28.4 

2,602 
262,806 
115 
227,836 

343,727 
1,884 
605,860 

76.5 
6.1 
37.6 

202,237 
248,662 
55,430 
1,306 

128,292 
—165,579 
14,619 

63.4 
26.4 

221 
-500 
1,090 
1,229,202 

1  769 
7,332 
1,123,057 

14.9 
109.5 

86,547 
6,829 
4,102 

21,241 
337,034 

2,531 

2.9 

2,821 
359,027 

13.3 
106.5 

4,938,163 

3,391,905 

68.7 

4,499,772 

2,844,097 

63.2 

4,588,994 

2,655,264 

57.8 

4,406,115 

1,826,923 

41.4 

4,432,014 

2,554,716 

57.6 

CANADA 


Direct 
Premiums 
Written 


124,775 
35,078 
197,127 
13,810 
41,461 
227,666 
4,336,204 
60,095 
510,188 
35,504 
2,557,435 
670,569 
535,074 
1,891 
16,854 
177,552 
473,091 
2,848 
50,058 
1,048,194 
2,872 
6,431,459 

16/793 
710,728 
1,853,408 
934,271 

25,094 

2il80 
20,422 
3,946,415 

842j080 
25,748 
4,497 
87,162 
3,942,903 


Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 


29,461,506 
32,765,899 
36,589,855 
28,671,729 
24,232,740 


4,049 
60,435 
33,635 
-59,005 
529,822 
274,848 
5,211,386 
17,586 
555,014 
26,953 
3,179,077 
533,845 
-98,472 
-8,183 
-25,241 
1,050,590 
145,257 


129,251 
730,629 
-17,359 
3,009,876 
-47 
3,169 
482,419 
1,278,153 
746,538 
783 
-4,056 
26,340 
3,999 
6,158,358 
-862 
574,959 
68,734 


12,619 
2,827,741 


Ratio 


27,467,840 
17,102,569 
13,999,054 
27,513,714 
15,811,351 


3.2 
172.3 
17.1 


120.7 
120.2 

29.3 
108.8 

75.9 
124.3 

79.6 


591.7 
30.7 

258"2 
69.7 

46"8 

18;9 
67.9 
69.0 
79.9 
3.1 


19.6 
156.0 


168.1 
266.9 


14.5 
71.7 


93.2 
52.2 
38.2 
95.9 
65.2 


STATISTICAL  TABLES  FOR  1973 


363 


TABLE  XVIII.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


CREDIT 


ONTARIO 

CANADA 

Companies 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

$ 

$ 

% 

$ 

$ 

% 

305,790 

75,146 
2,233 
833 

24.6 

821,929 

—34 

77,519 

1,124 
191,895 

9 

9.4 

187 

601.1 

79,851 

52,684 
9 

66.0 

290,842 

66.0 

-59 

68 

-7,573 
115,914 

36,189 
35,127 

11,929 

25,098 

210.4 

30.3 

UNLICENSED  INSURERS 

Totals  for  1973  

397,511 

156,071 

39.3 

1,221,265 

344,096 

28.2 

335,239 

144,817 

43.2 

1,190,612 

378,887 

31.8 

Totals  for  1971  

408,014 

298,522 

73.1 

1,577,355 

1,174,205 

74.4 

Totals  for  1970  

458,083 

173,128 

37.7 

1,442,226 

762,599 

52.8 

506,993 

227,955 

44.9 

1,394,309 

619,108 

44.4 

TABLE  XIX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


TITLE 


Companies 

ONTARIO 

CANADA 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Chicago  Title  

$ 

31,706 
51,578 

$ 

% 

$ 

57,448 
84,497 

$ 

% 

UNLICENSED  INSURERS 

Totals  for  1973  

Totals  for  1972  

246 

.5 

246 

.3 

83,284 
82,474 
46,904 
31,365 
36,939 

246 

.3 

141,945 
146,919 
171,968 
92,210 
98,392 

246 

.2 

Totals  for  1971  

Totals  for  1970  

Totals  for  1969  

1,500 

4.7 

1,932 

2.0 

364 


ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


TABLE  XX.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


MORTGAGE 


ONTARIO 

CANADA 

Com  pan  lies 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

$ 

$ 

/o 

$ 

$ 

% 

[nsmoc  Mortgage  Ins.  Co  

Mortgage  Ins.  Co.  of  Can  

Sovereign  Mortgage  Ins.  Co  

1,048,280 
7,463,783 
1,056,898 

3,098 
4,110 
13,000 

.3 
.1 
1.2 

2,656,666 
18,217,194 
2,207,061 

33,782 
16,666 
15,000 

1.3 
.1 
.7 

UNLICENSED  INSURERS 

Totals  for  1973  

9,568,961 

20,208 

.2 

23,080,921 

65,448 

.3 

Totals  for  1972  

3,919,330 

14,771 

.4 

7,111,305 

55,881 

.8 

1,880,258 

3,879 

.2 

2,954,688 

41,463 

1.4 

188,768 

915 

.4 

484,856 

8,125 

1.6 

207,503 

555,110 

3,524 

.6 

TABLE  XXI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 

MARINE 


Companies 

ONTARIO 

CANADA 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Direct 
Premiums 
Written 

Direct 
Losses  and 
Adjustment 
Expenses 
Incurred 

Ratio 

Aetna  Casualty  &  Surety  

Affiliated  F  M  

$ 

31,670 
352,957 
26,995 
-75 

$ 

12,504 
128,219 

% 

39.5 
36.3 

$ 

145,666 
731,727 
101,271 
87,134 

$ 

93,729 
362,805 
26,308 
20,103 
-1,924 
19,943 
75,758 
98,530 
74,412 
18,895 
93,817 
150,526 
8,643 
53,180 
935,410 
589,811 
141,495 
1,853,074 
-8,1 45 
445,651 
177,250 
3,132 
358 
92,339 
3,548 
823,651 
94,262 
530,962 
292,038 
-1,065 

% 

64.3 
49.6 
26.0 
23.1 

Alliance  Assurance  

Alpina  Insurance  

American  Home  Assurance  Co  

American  National  Fire  Ins  

188,113 
46,651 
69,481 
51,048 
282 

-2,115 
29,405 

7,955 
37,017 
42,416 

-648 

15.6 
17.1 
53.3 
83.1 

424,038 
137,164 
296,845 
81,483 
36,247 
184,526 
270,286 
2,470 
212,953 
1,775,286 
526,463 
496,971 
3,272,267 
-2,921 
836,333 
302,215 
30,203 
-2,470 
166,841 

4.7 
55.2 
33.2 
91.3 
52.1 
50.8 
55.7 

349.9 
25.0 
52.7 

112.0 
28.5 
56.6 

53.3 
58.7 
10.4 

55.3 

Canadian  Indemnity  

19,073 

16,487 

86.4 

Centennial  Insurance  

Century  Insurance  Co.  of  Canada 
Commercial  Union  Ass.  London.  . 
Commonwealth  Insurance  Co  

141,257 
255,516 
125,636 
4,715 
1,000,177 
55 

719,530 
28,315 
1,475 
54 
76,420 

13,481 
29,598 
105,002 

9.5 
11.6 
83.6 

Continental  Insurance  

Eaton  Insurance  Company  

400,747 
-2,610 
333,929 
7,883 
1,462 
-71 
1,832 

40.1 

46.4 
27.8 
99.1 

English  &  American  Ins.  Co  

2.4 

Federal  Insurance  

Federation  Insurance  Co.  of  Can.. 

236,978 
54,190 
46,352 

315,159 

227,845 
4,450 
5,437 
43,650 

-240 

96.1 
8.2 
11.7 
13.9 

871,079 
299,820 
1,587,638 
560,102 

94.6 
31.4 
33.4 
52.1 

General  Accident  Fire  Life  

STATISTICAL  TABLES  FOR  1973 


365 


TABLE  XXI.  OTHER  THAN  LIFE 
PREMIUMS  AND  LOSSES  DURING  1973  ACCORDING 
TO  CLASSES  OF  INSURANCE 


MARINE  (Concl'd) 


ONTARIO 

CANADA 

Direct 

Direct 

Direct 

Losses  and 

Direct 

Losses  and 

Companies 

Premiums 

Adjustment 

Ratio 

Premiums 

Adjustment 

Ratio 

Written 

Expenses 

Written 

Expenses 

Incurred 



Incurred 

- 

$ 

$ 

% 

$ 

$ 

% 

General  Security  of  Canada  

-815 

5,074 

344,898 

307,513 

89.2 

-758 

7,449 

—758 

7,449 

Globe  Indemnity  of  Canada  

408 

7,494 

158,556 

71,678 

45.2 

927,910 

1,031,452 

111.2 

Crest  Amcric3.n  In.sur3.r1cc 

103,230 

22,072 

21.4 

183,588 

120,544 

65.7 

130,381 

299,086 

229.4 

397,666 

810,781 

203.9 

111,415 

30,242 

27.1 

290,108 

124,137 

42.8 

128 

165,153 

—65,462 

Hartford  Fire 

468,654 

158,239 

33.8 

802,378 

333,692 

41.6 

297,681 

50,371 

16.9 

369.597 

133,288 

36.1 

37 

1,022 

400 

39.1 

Ideal  Mutual 

17,840 

998 

5.6 

Imperial  Guar  &  Accident 

2,534 

1 

3,061 

530 

17.3 

Indemnity  ^Marine 

34,616 

14,575 

42.1 

80,597 

57,961 

71.9 

1,578,617 

518,219 

32.8 

3,016,891 

937,937 

31.1 

Insurance  Corp.  of  Ireland  

46,773 

32,811 

70.1 

46,773 

32,811 

70.1 

Liberty  Mutual  Fire 

4,546 

1,066 

23.4 

11,172 

4,647 

41.6 

Liverpool  &  London  Globe  

6,008 

1,725 

28.7 

8,047 

20,217 

251.2 

London  Lancashire  Insurance.  .  .  . 

7,918 

7,385 

93.3 

13,112 

9,246 

70.5 

London  and  Midland  

330 

 ■■ 

London  Assurance 

25 

73 

292.0 

2,916 

342 

11.7 

Lumbermens  Mutual  Casualty.  .  . 

38,154 

-41,535 

38,154 

-41,535 



39.3 

Maritime  Insurance  

1,040,330 

406,652 

39.1 

1,625,486 

638,309 

^Maryland  Casualty 

7,858 

87,831 

24,580 

28.0 

New  Hampshire  Insurance  Co. .  .  . 

-69 

-22,590 

181 

—26,588 

92.7 

New  Zealand  Insurance  

251,749 

202,745 

80.5 

353,273 

327,623 

71,726 

46,982 

North  British  &  Mercantile  

95,538 

18,237 

19.1 

Northern  Assurance 

247,049 

163,098 

66.0 

Norwich  Union  Fire 

279,624 

102,201 

36.5 

484,376 

184,104 

38.0 

10,671 

1,895 

17.8 

101,631 

37,063 

36.5 

Pacific  Employers  

759 

5,427 

169 

3.1 

Phoenix  Assce.  of  London  

453,844 

174,603 

38.5 

1,073,033 

672,515 

62.7 

Providence  Washington  

—5,938 

Prudential  Assurance  England.  .  . 

10,036 

4,020 

40.1 

95,655 

48,917 

51.1 

877 

4,750 

541.6 

Oueensland 

5,034 

—2,524 

Reliance  of  Philadelphia  

156,171 

163,547 

104.7 

275,032 

238,450 

86.7 

Royal  General  Canada  

1,002 

31,959 

—4,215 

308,439 

200,261 

64.9 

862,768 

388,642 

45.0 

Safeco  

— 320 

1,474 

—7,148 

St.  Paul  Fire  &  Marine  

74,119 

62,286 

84.0 

490,698 

185,360 

37.8 

Service  Fire  Insurance  

226,524 

115,254 

50.9 

227,537 

114,380 

50.3 

Simcoe  &  Erie  

135,075 

9,700 

7.2 

802,372 

-80,850 

155,423 

99,176 

63.8 

124,505 

68,217 

54.8 

271,994 

220,234 

81.0 

346  745 

191,140 

55.1 

1,439,947 

813,098 

56.5 

14,502 

937 

6.5 

217,638 

59,265 

27.2 

17  419 

24,811 

142  4 

17,419 

24,811 

142.4 

Travelers  Indemnity  

37^33 

48il58 

128.7 

293,872 

-88,463 

77.7 

Travelers  Indemnity  of  Canada.  . 

35,772 

26,773 

74.8 

241,646 

187,659 

52,087 

26,630 

51.1 

Union  of  Canton  

159  692 

188,414 

118  0 

434,019 

533,720 

123.0 

Union  Marine  &  General  

48!816 

27 ',596 

56.5 

317,535 

192,861 

60.7 

United  States  Fire  

839,582 

697,764 

83.1 

2,501,223 

1,664,799 

66.6 

Wawanesa  Mutual  

2  069 

6  351 

307  0 

10  7Q5 

—  1  102 

10.5 

Western  Assurance  

436/710 

3L249 

7!2 

478>21 

50^270 

York  Fire  &  Casualty  

5,949 

1,381 

23.2 

5,949 

1.381 

23.2 

UNLICENSED  INSURERS 

10,296 

106.6 

Firemens  Insurance  Company.  . .  . 

1,155 

10,754 

931.1 

9,662 

Fidelity  and  Casualty  New  York . 

36 

Totals  for  1973  

11,806,793 

5,438,011 

46.1 

33,474,783 

17,706,500 

52.9 

Totals  for  1972  

10,303,044 

4,619,674 

44.8 

29,366,265 

15,525,889 

52.9 

Totals  for  1971  

8,511,558 

4,101,839 

48.1 

27,153,403 

13,465,686 

49.5 

Totals  for  1970  

7,914,635 

3,505,193 

44.2 

24,510,431 

11,518,637 

46.9 

Totals  for  1969  

6,750,139 

3,474,199 

51.4 

21,495,531 

11,249,555 

52.3 

ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


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ANNUAL  REPORT  —  SUPERINTENDENT  OF  INSURANCE 


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VI 

APPENDICES 


[371] 


APPENDICES  FOR  1973 


373 


APPENDIX  I 
REVIEW  OF  1973  LEGISLATION 

THE  INSURANCE  ACT 

Bill  208 

The  above  Bill  received  Royal  Assent  on  November  29,  1973.  The  principal  features  of  the 
Bill  are: 

(1)  It  precludes  defences  being  raised  by  automobile  insurers  under  contracts  made  outside 
Ontario  that  could  not  be  raised  under  Ontario  contracts  and  ensures  that,  similarly,  the 
no-fault  insurance  benefits  will  attach  to  contracts  made  outside  Ontario; 

(2)  It  empowers  the  Minister  to  refuse  a  licence  to  an  insurer  where  the  name  of  the  insurer 
is  the  same  as  or  similar  to  the  name  of  another  insurer  and  the  assumption  or  use  of  the 
name  in  Ontario  will  be  likely  to  deceive  or  mislead  the  public,  or  if  such  name  is 
objectionable  on  any  public  grounds; 

(3)  It  requires  Ontario  incorporated  life  insurers  who  issue  participating  policies  to  distribute 
a  minimum  amount  of  profit  earned  on  participating  policies  to  such  policy  holders; 

(4)  It  authorises  the  making  of  regulations  governing  the  advertising  of  insurance  contracts; 

(5)  It  permits  insurers  writing  on  the  premium  note  plan  to  write  weather  insurance  for  losses 
in  excess  of  $100  if  the  excess  is  covered  by  an  agreement  of  other  insurers  of  the  same 
class,  the  liability  section  of  The  Corporations  Act  for  the  undertaking  of  such  contracts 
having  been  proclaimed  effective  February  1,  1974; 

(6)  Subject  to  proclamation,  it  permits  an  insurer  to  exclude  from  a  contract  of  automobile 
insurance  liability  to  passengers; 

(7)  It  prohibits  in  all  future  contracts  of  accident  and  sickness  insurance  the  payment  of 
disability  benefits  being  made  conditional  upon  confinement  of  the  insured; 

(8)  It  requires  insurers  to  continue  to  make  disability  payments  under  group  contracts 
notwithstanding  that  the  contract  is  terminated  and  to  prevent  absence  under  disability 
from  disqualifying  an  employee  under  a  replacement  group  contract; 

(9)  The  maximum  amount  of  the  funeral  benefit  that  may  be  paid  by  mutual  benefit 
societies  is  increased  from  $300  to  $800; 

(10)  It  clarifies  and  ensures  that  premium  tax  that  must  be  paid  by  all  insurers  in  Ontario  is 
also  payable  by  reciprocal  oi  inter-insurance  exchanges; 

(11)  It  clarifies  and  ensures  that  premiums  received  by  agents  or  biokers  are  monies  held  in 
trust,  and  makes  amounts  being  returned  by  insurers  through  agents  or  brokers  also 
trust  money. 

The  Bill  also  transfers  the  fees  hitherto  set  forth  under  Schedule  A  of  the  Act  to  regulations.  It 
further  redefines  variable  insurance  contract  and  makes  certain  additional  filing  requirements 
and  other  necessary  adjustments  to  bring  the  Act  up  to  date. 


ANNUAL  KM  TORT— SUPERINTENDENT  OF  INSURANCE 
APPENDIX  II 

UNDERWRITERS'  AGENCIES 

Rie  following  insurers  have  been  licensed  to  issue  policies  through  the  underwriters'  agencies 
their  respective  names  for  the  term  ending  June  30,  1975: 

■ .  \ n  \  Agency 
Pearl  \    i ranee  Company  Limited  Pearl  Underwriters' Agency 

APPENDIX  III 

List  ot  licensed  insurers  approved,  as  at  date  of  this  report,  by  the  Lieutenant  Governor 
i      ;  dl  for  the  purposes  of  The  Guarantee  Companies  Securities  Act,  R.S.O.  1970,  Chap.  196, 

Regulation  37/72. 

GUARANTEE  COMPANIES 


1.  The  Acadia  Insurance  Company 

'J.    l  iu-  Aetna  Casualty  and  Surety  Company 

3.  Aetna  Insurance  Company 

4.  Alliance  Assurance  Company  Limited 
4a.  Allstate  Insurance  Company  of  Canada 

5.  The  American  Insurance  Company 

t>.    \-ir1o  Canada  General  Insurance  Company 

7.  British  America  Assurance  Company 

8.  The  Canada  Accident  and  Fire  Assurance 

Company 

'.>.   Canada  Security  Assurance  Company 

10.  Canadian  General  Insurance  Company 

11.  The  Canadian  Indemnity  Company 

12.  The  Canadian  Mercantile  Insurance  Company 

13.  Canadian  Pioneer  Insurance  Company 

14.  The  Canadian  Surety  Company 

15.  The  Casualty  Company  of  Canada 

16.  Central  Mutual  Insurance  Company 

17.  The  Citadel  Insurance  Company  of  Canada 

Limited 

17a.  Commerce  and  Industry  Insurance  Company  of 

Canada 

18.  The  Commerce  General  Insurance  Company 

19.  Consolidated  Fire  and  Casualty  Insurance 

Company 

20.  The  Continental  Insurance  Company 

21.  Co-operators  Insurance  Association 

22.  The  Dominion  of  Canada  General  Insurance 

Company 

23.  The  Dominion  Insurance  Corporation 

24.  Eagle  Star  Insurance  Company  of  Canada 

25.  The  Economical  Mutual  Insurance  Company 

26.  The  Employers'  Liability  Assurance  Corporation, 

Limited 

27.  Federal  Fire  Insurance  Company  of  Canada 

28.  Federal  Insurance  Company 

29.  Federated  Mutual  Insurance  Company 

30.  Federation  Insurance  Company  of  Canada 

31.  The  Fidelity  and  Casualty  Company  of  New  York 

32.  Fidelity  Insurance  Company  of  Canada 

33.  Fireman's  Fund  Insurance  Company 

34.  Firemen's  Insurance  Company  of  Newark,  New 

Jersey 

35.  The  General  Accident  Assurance  Company 

of  Canada 

36.  General  Insurance  Company  of  America 

36a.  General  Security  Insurance  Company  of  Canada 

37.  Gerling  Global  General  Insurance  Company 

38.  The  Globe  Indemnity  Company  of  Canada 
30.  Gore  Mutual  Insurance  Company 

40.  Great  American  Insurance  Company 

41.  The  Guarantee  Company  of  North  America 

42.  The  Guardian  Insurance  Company  of  Canada 

43.  Guildhall  Insurance  Company  of  Canada 

44.  The  Halifax  Insurance  Company 


45.  The  Hartford  Fire  Insurance  Company 

46.  The  Home  Insurance  Company 

47.  The  Hudson  Bay  Insurance  Company 

48.  The  Imperial  Guarantee  and  Accident  Insurance 

Company  of  Canada 

49.  Imperial  Insurance  Office 

50.  Insurance  Company  of  North  America 

51.  The  Law  Union  and  Rock  Insurance  Company 

Limited 

52.  The  Liverpool  and  London  and  Globe  Insurance 

Company  Limited 

53.  London  and  Midland  General  Insurance  Company 

54.  Lumbermen's  Mutual  Casualty  Company 

55.  Maryland  Casualty  Company 
55a.  Merit  Insurance  Company 

56.  The  New  Zealand  Insurance  Company  Limited 

57.  Niagara  Fire  Insurance  Company 

58.  North  British  and  Mercantile  Insurance  Company 

Limited 

59.  Northern  Assurance  Company  Limited 

60.  Norwich  Union  Fire  Insurance  Society,  Limited 

61.  The  Ocean  Accident  and  Guarantee  Corporation, 

Limited 

62.  Pearl  Assurance  Company,  Limited 

63.  Perth  Insurance  Company 

64.  Phoenix  Assurance  Company,  Limited 

65.  The  Phoenix  Insurance  Company  (Hartford, 

Conn.) 

66.  Pilot  Insurance  Company 
66a.  Pitts  Insurance  Company 

67.  The  Provident  Assurance  Company 

68.  The  Prudential  Assurance  Company.  Limited 

69.  Royal  Exchange  Assurance 

70.  Royal  Insurance  Companjr  Limited 
70a.  Safeco  Insurance  Company  of  America 

71.  St.  Paul  Fire  and  Marine  Insurance  Company 

72.  Scottish  &  York  Insurance  Co.  Limited 

73.  Scottish  Canadian  Assurance  Corporation 

74.  Seaboard  Surety  Company 

75.  Simcoe  &  Erie  General  Insurance  Company 

76.  Sun  Insurance  Office,  Limited 

77.  Toronto  General  Insurance  Company 

78.  Traders  General  Insurance  Company 

79.  The  Travelers  Indemnity  Company 

80.  Travelers  Indemnity  Company  of  Canada 

81.  Union  Insurance  Society  of  Canton,  Limited 

82.  United  States  Fidelity  and  Guaranty  Company 

83.  United  States  t  ire  Insurance  Company 

84.  The  Waterloo  Mutual  Insurance  Company 

85.  The  Wawanesa  Mutual  Insurance  Company 

86.  Wellington  Fire  Insurance  Company 

87.  The  Western  Assurance  Company 

88.  Western  Surety  Company 

89.  The  Yorkshire  Insurance  Company,  Limited 

90.  Zurich  Insurance  Company 


APPENDICES  FOR  1973 


375 


APPENDIX  IV 

DEPOSITS  OF  INSURERS  UNDER  THE  INSURANCE  ACT 
As  at  December  31,  1973 

Company  Amount  of  Deposit 

Abstainers'  Insurance  Company,  Simcoe,  Ont   $505,000  (d) 

Aeterna-Life  Insurance  Company   150,000 

Agents'  General  Insurance  Company,  Limited,  Toronto,  Ont   140,000 

Anglo-Canada  General  Insurance  Company,  Toronto,  Ont   244,000 

Assumption  Mutual  Life  Insurance  Company,  Moncton,  N.B   120,000 

The  Bay  City  General  Insurance  Company,  Hamilton,  Ont   200,000 

The  Canadian  Provident  General  Insurance  Company   55,000 

Canadian  Universal  Insurance  Company  Limited   100,000 

Commerce  and  Industry  Insurance  Company  of  Canada,  Toronto,  Ont   250,000  (a) 

La  Concorde,  Compagnie  d'Assurances  Generates   60,000 

Constitution  Insurance  Company  of  Canada   563,000  (a) 

Co-operators'  Insurance  Association,  Toronto,  Ont   1,190,875 

Co-operators'  Life  Insurance  Association,  Toronto,  Ont   225,000 

Coronation  Insurance  Company,  Limited,  Toronto,  Ont   525,000  (e) 

L'Economie  Mutuelle  d'Assurance,  Montreal,  Que   153,000 

Empire  Life  Insurance  Company,  Kingston,  Ont   510,000  (/) 

Farm  Mutual  Reinsurance  Plan  Inc   50,000 

Gerling  Global  General  Insurance  Company,  Toronto,  Ont   607,500  (a) 

Gerling  Global  Life  Insurance  Company,  Toronto,  Ont   501,000  (c) 

Gerling  Global  Reinsurance  Company,  Toronto,  Ont   501,000  (b) 

Gibraltar  General  Insurance  Company,  Toronto,  Ont   338,200 

Industrial  Life  Insurance  Company,  Quebec,  Que   110,000 

The  Laurentian  Mutual  Assurance  Company,  Quebec,  Que   250,000 

The  Non-Marine  Underwriters,  Members  of  Lloyd's,  London,  Eng   56,000 

Ontario  Farmers  Mutual  General  Insurance  Company   50,000 

Otter  Dorchester  Mutual  Insurance  Company   50,000 

Pafco  Insurance  Company  Limited,  Toronto,  Ont   227,000 

The  Personal  Insurance  Company   100,000 

The  Pilot  Insurance  Company,  Toronto,  Ont   750,000 

Premier  Insurance  Company,  Toronto,  Ont   130,000 

Les  Prevoyants  du  Canada,  Quebec,  Que   620,000 

The  Provident  Assurance  Company,  Montreal,  Que   525,000 

Reliable  Life  Insurance  Co.,  Hamilton,  Ont   250,000 

Retail  Lumbermen's  Mutual  Fire  Insurance  Company,  Winnipeg,  Man   10,000 

Scottish  and  York  Insurance  Company,  Limited,  Toronto,  Ont   557,500  (g) 

Seaboard  Life  Insurance  Company,  Vancouver,  B.C.   581,000  t 

Simcoe  and  Erie  General  Insurance  Company,  Hamilton,  Ont   600,000  (a) 

Transportation  Fire  and  Casualty  Company,  Toronto,  Ont   90,000 

United  Provinces  Insurance  Company,  Montreal,  Que   215,000 

Upper  Canada  Insurance  Company,  Toronto,  Ont   110,000 

York  Fire  &  Casualty  Company,  Toronto,  Ont   110,000 


t  Held  by  Province  of  British  Columbia  as  reciprocal  deposit  for  Provinces  of  Alberta,  British  Columbia,  Ontario 
and  Saskatchewan. 

(a)    Held  by  Province  of  Ontario  as  reciprocal  deposit  for  Provinces  of  Alberta,  British  Columbia,  Manitoba,  New 

Brunswick,  Ontario  and  Saskatchewan. 
(&)    Held  by  Province  of  Ontario  as  reciprocal  deposit  for  Provinces  of  British  Columbia,  Manitoba,  New  Brunswick 

and  Ontario. 

(c)  Held  by  Province  of  Ontario  as  reciprocal  deposit  for  Provinces  of  Alberta  and  Ontario. 

(d)  Held  by  Province  of  Ontario  as  reciprocal  deposit  for  the  Provinces  of  Alberta,  Manitoba  and  Ontario. 

(e)  Held  by  Province  of  Ontario  as  reciprocal  deposit  for  the  Provinces  of  Alberta,  Manitoba,  New  Brunswick,  Ontario 
and  Saskatchewan. 

(J)    Held  by  Province  of  Ontario  as  reciprocal  deposit  for  the  Provinces  of  Alberta,  British  Columbia,  Manitoba, 
Ontario  and  Saskatchewan. 

(g)    Held  by  Province  of  Ontario  as  reciprocal  deposit  for  the  Provinces  of  Alberta,  Manitoba,  Ontario  and  Saskatchewan. 


376 


ANNUAL  UKPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V 
GUIDELINES  ISSUED  BY  THE  SUPERINTENDENT 

(1) 

August  1,  1969 

H  V  All  Insurers  and  Brokers  Transacting  Automobile  Insurance  in  Ontario 

Section  336— Insurance  Act  of  Ontario 
Synthetic  Fleets  and  Collective  Marketing  of  Auto  Policies 

The  sale  of  automobile  insurance  on  a  group  basis  has  been  of  continuing 
era  to  regulatory  officials  for  a  long  time.  The  writing  of  so-called  synthetic 
fleets  became  suc  h  a  problem  and  resulted  in  such  chaotic  conditions  that  pro- 
hibitive legislation  was  passed  in  Ontario  in  1935.  Commenting  on  the  new 
Legislation  in  his  1935  Annual  Report,  Superintendent  McNairn  said,  "The  prac- 
tice  (writing  of  synthetic  fleets)  has  proved  demoralizing  to  the  automobile 
insurance  business  and  constitutes  unfair  discrimination  against  the  general  body 
of  policyholders."  Section  301,  now  Section  336  of  The  Insurance  Act,  prohibiting 
the  fixing  of  a  rate  for  automobile  insurance  to  a  group  of  persons  which  would 
result  in  a  lower  cost  to  an  individual  in  such  group  than  such  individual  would 
have  to  pay  if  insured  individually,  was  intended  to  correct  the  problem.  Similar 
legislation  was  enacted  in  most  provinces  and  the  majority  of  the  states  in  the 
I  S  A.  The  enactment  of  this  legislation  apparently  contributed  to  the  return 
of  a  stable  market  for  automobile  insurance  in  Ontario. 

Since  1935  the  Insurance  industry  has  been,  like  other  businesses,  subject  to 
natural  evolution,  particularly  in  the  area  of  merchandising.  The  introduction 
of  new  marketing  techniques  based  on  the  mass  or  collective  handling  of  auto- 
mobile policies  and  the  use  of  sophisticated  data  processing  equipment  which 
allowed  for  more  efficient  use  of  direct  billing  procedures  brought  many  low  cost 
premium  plans  into  being  in  the  United  States.  Insurance  was  made  available 
to  large  groups  on  a  payroll  deduction  or  direct  billing  basis.  In  an  effort  to  keep 
this  development  under  control,  mass  or  group  marketing  legislation,  usually 
involving  some  aspect  of  control  over  rates,  was  introduced  or  is  being  considered 
in  a  number  of  states.  It  is  apparent,  however,  that  there  still  is  a  considerable 
diversity  of  opinion  as  to  how  mass  marketing  should  be  regulated  in  order  to 
avoid  discrimination  and  other  undesirable  effects. 

Recently  the  insurance  industry  in  Canada  began  to  be  noticeably  aware  of 
this  development  of  the  mass  merchandising  concept  in  the  United  States.  As 
both  interest  and  concern  mounted  we  began  receiving  requests  for  rulings  and 
also  complaints  that  companies  were  providing  or  were  about  to  provide  insur- 
ance on  a  basis  that  was  in  violation  of  Section  336.  Some  wanted  a  broader  inter- 
pretation of  Section  336.  Others  wanted  amendments  to  the  Act  which  would 
allow  complete  freedom  of  rating.  Still  others  wanted  a  more  restrictive  interpre- 
tation of  the  present  legislation. 

Earlier  this  year  all  insurers  were  requested  by  me  to  withhold  further  action 
on  any  program  which  could  be  construed  as  mass  marketing  of  automobile 
insurance  in  order  that  guidelines  might  be  developed  to  aid  in  avoiding  a  dis- 
ruption of  the  existing  market.  Since  that  time  we  have  received  many  sugges- 
tions from  individual  companies,  agents  and  brokers  and  from  associations 
representing  insurers,  agents,  brokers  and  insurance  buyers.  The  material  re- 
ceived has  been  most  helpful  and  reflects  the  earnest  desire  of  the  industry  to 


APPENDICES  FOR  1973 


377 


APPENDIX  V  (cont'd) 

find  a  workable  solution  to  this  difficult  problem.  It  was  encouraging  to  see  that 
through  the  good  offices  and  efforts  of  the  various  industry  associations  and 
their  leaders  much  was  and  can  be  accomplished.  Submissions  generally  were 
well  prepared,  but  they  did,  however,  express  a  wide  range  of  views  and  diversity 
of  opinion. 

/  have  now  considered  all  these  submissions  and  have  come  to  the  conclusion 
that  we  should  not  at  this  time  amend  or  modify  Section  336  in  any  way.  To  do  so 
without  a  greater  degree  of  unanimity  existing  in  the  industry  and  without  the 
imposition  of  strict  supervisory  controls  would  be  risking  serious  market  disloca- 
tion harmful  to  the  industry  and  to  the  general  public.  Any  possible  offsetting 
benefits  to  the  general  public  are  not  discernible. 

There  are  a  number  of  mass  marketing  arrangements  in  existence  which  may 
involve  the  advertising  and  selling  of  automobile  insurance  through  groups  or 
associations  or  to  their  members.  These  arrangements  are  usually  accompanied 
by  lower  rates  said  to  reflect  expense  savings  flowing  from  mass  handling  methods 
and  lower  acquisition  costs  but  not  from  special  underwriting  considerations. 
The  proponents  of  these  claim  that  they  are  proper  and  within  the  spirit  and 
intent  of  Section  336.  On  the  other  hand  we  have  had  complaints  that  some  of 
them  are  in  breach  of  the  Statute. 

To  ensure  that  any  such  marketing  methods  are  proper  and  within  the  spirit 
and  intent  of  Section  336, 1  feel  that  guidelines  are  necessary  and  will  be  welcomed 
by  the  industry  in  the  interest  of  preserving  an  orderly  market.  The  following 
rules  therefore  have  been  established  and  should  be  observed  by  all  insurers, 
agents  and  brokers.  These  rules,  of  course,  do  not  alter  in  any  way  existing 
requirements  of  The  Insurance  Act  or  Regulations  thereto. 

1.  An  insurer  shall  not  function  for  the  sole  purpose  of  insuring  a  single  asso- 
ciation or  group 

A  company  must  not  be  used  for  the  sole  purpose  of  providing  insurance 
for  a  single  group  at  a  reduced  premium  thus  defeating  the  intent  of 
Section  336.  No  insurer  shall  refuse  to  accept  a  risk  merely  because  the 
applicant  is  not  a  member  of  a  particular  group  or  association.  In  order  to 
avoid  the  criticism  that  an  insurer  is  functioning  for  the  primary  purpose 
of  providing  insurance  for  a  single  group  the  insurer  must  satisfy  the 
Superintendent  that  the  company  makes  readily  available  and  writes  a 
reasonable  percentage  of  automobile  insurance  business  at  the  same  rates 
outside  the  group. 

2.  Premiums  charged  must  be  adequate 

Although  the  Superintendent  does  not  approve  automobile  rates  he  does 
have  a  basic  responsibility  to  report  on  the  reasonableness  of  rate  levels. 
In  addition  he  does  have  a  particular  concern  respecting  the  adequacy  of 
rates  as  it  affects  the  solvency  of  insurers. 

Any  company  which  has  a  rate  which  varies  substantially  from  the 
normal  range  of  premium  charged  by  the  industry  may  be  asked  to  justify 
such  a  rate  and  show  that  it  does  not  represent  a  special  underwriting 
prohibited  by  Section  336. 

3.  Advertising  must  not  be  misleading 

The  nature  and  content  of  advertising  circulated  to  members  of  associa- 
tions or  groups  must  not  be  misleading.  Terminology  should  not  be  used 


S7S 


AN  M  AI,  Rl- PORT— SUPERINTENDENT  OP^  INSURANCE 


APPENDIX  V  (cont'd) 

which  inters  that  special  rates  are  being  offered  to  members  of  a  certain 
group  solely  because  of  their  membership  in  that  group.  Any  rates  quoted 
to  group  members  must  be  available  to  persons  outside  the  group,  other- 
w  ise  it  w  ill  be  deemed  to  be  a  breach  of  the  Statute.  Insurers  and  brokers 
must  assume  responsibility  for  making  certain  that  groups,  through  which 
they  market  insurance,  do  not  give  the  impression  that  members  are 
receiving  a  reduced  premium  because  of  their  common  association  or 
membership.  Inability  to  eliminate  misleading  advertising  will  be  interpre- 
ted as  a  failure  to  meet  the  requirements  of  the  Statute. 

4.   Filing  Requirements 

Insurers  will  be  required  to  file  with  the  Superintendent  brief  details  of 
any  arrangement  entered  into  directly  or  indirectly  with  a  group  for  the 
purpose  of  marketing  or  offering  automobile  insurance  to  its  members 

or  employees. 

1  trust  that  the  foregoing  rules  will  prove  to  be  of  help  in  maintaining  a  sound 
automobile  insurance  market  in  Ontario.  In  order  that  we  all  may  be  assured  of 
this  I  urge  insurers,  agents  and  brokers  to  extend  their  full  support  and  co- 
operation. 

(2) 

February  22,  1972 

TO:  Chief  Executive 

All  Insurers  transacting  automobile  insurance  in  Ontario 

Prescription  Periods 

There  have  been  an  increasing  number  of  complaints  received  from  the 
public  with  respect  to  automobile  insurers  denying  claims  by  reason  of  the 
expiration  of  the  limitation  period. 

As  an  example,  one  of  these  complaints  is  worthy  of  note  and  can  be  sum- 
marized as  follows: 

The  complainant  was  struck  by  the  insured's  motor  vehicle  and  suffered 
physical  injuries.  Liability  was  not  in  dispute.  As  requested,  he  provided 
copies  of  his  doctor's  reports.  Approximately  3  months  after  the  accident  he 
received  an  offer  of  settlement  from  the  insurer  which  he  refused  to  accept, 
asking  for  a  larger  amount,  and  interim  payments,  and  advising  that  he 
would  put  the  rest  in  the  hands  of  his  lawyers.  Although  no  further  offer  was 
made  he  did  receive,  about  6  months  after  the  accident,  an  interim  payment 
to  cover  his  medical  expenses  together  with  a  request  for  a  further  medical 
report  to  which  the  complainant  complied  within  two  weeks. 

About  10  months  after  the  accident  the  insurer  requested  a  further  medical 
report  and  agreed  with  the  complainant  to  write  to  his  then  doctor  to  obtain 
the  report.  The  report  was  not  forthcoming  and  the  insurer  never  followed 

this  up  nor  was  the  complainant  advised. 

In  the  eleventh  month  following  the  accident,  the  company  adjuster 
noted  in  his  file:  "No  activity  from  clnt.  since  -  let  claim  prescribe  -  clnt 

does  not  have  a  solicitor." 


APPENDICES  FOR  1973 


379 


APPENDIX  V  (cont'd) 

About  one  week  later  the  Branch  Claims  Manager  instructed  the  adjuster 
to  call  the  complainant  and  noted  "If  you  cant  dont  contact  again,  might 
prescribe."  The  adjuster  was  unsuccessful  in  reaching  the  complainant. 

The  prescription  date  then  passed  and  the  insurer  denied  liability. 

In  my  view  the  actions  of  the  insurer,  through  its  adjuster,  constituted  an 
unreasonable  resistance  to  the  fair  settlement  and  adjustment  of  claims  under 
Part  XVIII  of  The  Insurance  Act. 

Subsequent  to  my  inquiry  with  the  insurer,  the  insurer  reviewed  its  claim 
handling  procedures  and  re-stated  its  principles  to  the  following  effect: 

1.  At  the  time  of  the  first  advance  payment  a  letter  will  be  sent  by  the 
insurer  to  the  claimant  clearly  indicating  the  necessity  for  either  the  com- 
mencement of  an  action  before  the  limitation  period  expires  or  the  waiver 
by  the  insurer  of  the  period  by  agreement. 

2.  Even  if  such  notice  is  sent  out  and  the  innocent  victim  fails  to  protect 
his  right  beyond  the  limitation  period  then  a  waiver  of  prescription  may 
be  given  after  the  expiration  of  the  period  where  there  is  a  possibility 
that  the  claimant  did  not  understand  his  rights  or  he  made  an  honest 
mistake  in  failing  to  instruct  a  solicitor  to  commence  an  action. 

I  consider  this  procedure  to  be  more  in  keeping  with  the  purpose  of  the 
prescription  period,  particularly  in  cases  where  the  insurer  has  notice  of  the 
claim  and  has  had  an  opportunity  to  investigate  to  determine  its  liability.  Indeed 
in  such  cases  there  seems  no  basis  whatsoever  for  an  insurer  to  invoke  the  pre- 
scription period  unless  clear  and  unequivocable  notice  of  its  intent  to  do  so  is 
given  to  the  dilatory  claimant  and  he  has  been  afforded  a  reasonable  oppor- 
tunity to  instruct  his  solicitor. 

It  is,  in  my  view,  in  the  public  interest  for  all  insurers  to  adopt  procedures  to 
effect  this  purpose  and  to  instruct  their  claims  managers  and  adjusters  accordingly. 

While  there  is  some  discussion  concerning  extending  the  limitation  period  to 
two  years,  then,  even  if  this  should  come  to  pass,  it  would  not  alter  the  position 
of  insurers  in  adopting  these  procedures. 

Any  report  that  an  insurer  is  invoking  the  limitation  period  in  such  circum- 
stances will  result  in  an  inquiry  to  determine  whether  or  not  the  insurer  has 
engaged  in  a  practice  that  is  "unreasonable  resistance  to  the  fair  settlement  and 
adjustment  of  claims"  under  Part  XVIII  of  The  Insurance  Act. 


(3) 

April  24,  1972 

TO:  Chief  Executive  Officer 

All  Insurers  Other  Than  Life  Insurers  transacting  insurance  in  Ontario 

A  recent  decision  in  the  Supreme  Court  of  Ontario  indicates  the  need  for 
insurers  and  their  agents  to  re-examine  all  personal  liability  contracts  and  the 
advice  given  to  insureds  as  to  the  form  of  coverage  required  in  each  particular 
case.  This  was  a  claim  against  the  insurer  by  the  insured  for  indemnity  under 


3S0 


ANNUAL  REPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

Coverage  "E"  as  modified  and  denned  in  subsections  "D",  "E"  and  "F"  of  the 
Definitions  in  the  standard  comprehensive  personal  liability  section  of  a  compo- 
site dwelling  policy. 

In  this  instance  the  insured  had,  through  an  agent,  insured  five  premises 
that  he  owned  and  rented  to  tenants.  The  insured  managed  the  properties,  col- 
lected rents,  and  carried  out  various  repair  and  maintenance  work  while  also 
engaged  in  other  full-time  employment.  As  a  result  of  carrying  out  some  repair 
work  on  one  of  the  rented  properties,  which  on  that  date  had  not  been  included 
in  the  declarations  under  the  policy,  a  fire  ensued  causing  damage  and  loss  to 
the  property  of  the  tenant  for  which  the  insured  was  found  liable  in  negligence 
and  resulted  in  this  claim  for  indemnity  under  the  policy. 

Since  the  premises  in  question  had  not  been  added  to  the  policy  the  insured 
was  not  covered  in  respect  of  his  own  interest  in  the  lands,  but  in  respect  of  the 
claim  of  the  tenant  he  endeavoured  to  bring  his  claim  under  the  additional 
liability  coverage  section  of  the  policy. 

The  endorsement  on  the  policy  provided  as  follows: 

.  .  (1)  Comprehensive  Personal  Liability:  To  pay  on  behalf  of  the 
insured  all  sums  which  the  insured  shall  become  obligated  to 
pay  by  reason  of  the  liability  imposed  by  law  upon  the  insured, 
or  the  liability  of  others  assumed  by  the  insured  under  any 
written  agreement  relating  to  the  premises,  for  damages,  includ- 
ing damage  for  care  and  loss  of  services  because  of  bodily 
injury  or  property  damage  .  .  .". 

There  then  follows  what  appears  to  be  a  very  broad  exclusion  from  coverage 
which  reads  as  follows: 

"...  This  policy  does  not  apply  under  coverages  E,  F,  and  G  ...  to  any 
business  use  of  the  premises  unless  stated  in  the  Declarations,  or  to  any 
business  pursuits  of  an  insured  .  .  .". 

The  Definitions  part  of  the  policy  define  "Premises"  and  "business  property" 
as  follows: 

"...  Premises,  means 

(1)  All  premises  where  the  named  insured  or  his  spouse  maintains  a 
residence  and  other  residential  premises  specified  in  the  Declarations 
except  business  property  and  farms  .  .  .". 

"...  Business  property,  includes 


(2)  Property  rented  in  whole  or  in  part  to  others  .  .  .". 

The  above  provisions  appear  in  the  standard  form  of  policy  generally  in  use 
today.  Such  policies,  but  not  the  policy  involved  in  this  case,  also  provide  as 
follows: 

"...  The  following  shall  not  constitute  "business  property", 


(iii)  residential  buildings  containing  not  more  than  six  dwelling  units  if 
stated  in  the  Declarations  .  .  .". 

The  facts  of  this  case  indicate  that  the  insured  believed  that  he  had  been 
provided  with  full  liability  insurance  without  exclusion  and  that  the  agent  knew, 


APPENDICES  FOR  1973 


381 


APPENDIX  V  (cont'd) 

or  should  have  known,  that  all  premises  were  being  rented.  Therefore,  it  seems 
necessary  that  all  insurers  now  undertake  a  review  of  existing  policies  with  similar 
provisions  to  ensure  that  all  insureds  who  might  be  considered  as  part-time 
landlords  have  proper  protection  as  their  interests  may  appear.  Further,  all 
insurers,  either  directly  or  through  their  agents,  should  give  careful  consideration 
to  existing  and  future  situations  of  this  nature  to  ensure  that  complete  and 
adequate  knowledge  of  an  insured's  individual  needs  for  full  protection  is  deter- 
mined and  proper  protection  offered  accordingly.  In  addition,  the  industry 
could  well  be  advised  to  adopt  a  uniform  form  of  endorsement. 

In  all  future  claims  where  an  insured  has  requested  insurance  to  protect 
fully  his  individual  requirements,  and  is  under  the  impression  that  such  coverage 
has  been  provided,  then  in  such  situations  the  insurer  is  to  respond  with  the 
utmost  good  faith  to  protect  the  insured's  interests  and  to  honour  such  claims 
accordingly. 


(4) 

November  21,  1972 


TO:  All  Automobile  Insurers  in  Ontario 

Mandatory  Automobile  Accident  Benefit  Coverage 
Schedule  E— The  Insurance  Act 

Although  this  coverage  has  been  in  operation  for  almost  a  year  there  have 
been  reported  to  me  several  instances  of  insurers  who  are  not  providing  their 
insureds  or  policy  claimants  with  the  necessary  information  in  order  to  make  a 
claim  for  these  benefits.  As  you  are  all  aware,  the  purpose  of  the  legislation  was 
that  this  coverage,  as  now  embodied  in  Schedule  E  to  The  Insurance  Act,  would 
enable  the  injured  persons  or  survivors  to  look  first  to  the  accident  benefit  cover- 
age for  financial  assistance,  and  second,  to  the  wrongdoer  in  the  traditional 
manner  for  the  balance  over  and  above  the  amounts  payable  under  the  Accident 
Benefits  coverage.  The  emphasis  was,  and  is,  on  prompt  payment.  I  believe 
sufficient  time  has  elapsed  to  permit  insurers  to  gain  experience  and  to  adopt 
procedures  with  this  object  in  mind. 

The  instances  that  have  come  to  my  attention  indicate  that  some  insurers  or 
adjusters  are  not  advising  claimants  or  providing  proof  of  loss  forms  when 
notice  of  the  accident  or  possible  claim  has  come  to  their  attention.  I,  therefore, 
find  it  necessary  to  remind  all  insurers  and  adjusters  of  the  provisions  of  Section 
109  of  The  Insurance  Act  which  requires  an  insurer,  upon  request  or  in  any  event 
not  later  than  60  days  after  receipt  of  notice  of  loss,  to  furnish  to  a  person  to 
whom  insurance  money  is  payable  forms  upon  which  to  make  the  proof  of  loss 
required  under  the  contract. 

I  would,  therefore,  caution  all  automobile  insurers  that  upon  notice  to  them 
of  an  accident  that  indicates  accident  benefits  may  be  payable  by  them  they 
should  forthwith  provide,  either  directly  or  through  their  appointed  adjuster, 
proof  of  loss  forms  to  the  person  to  whom  such  benefits  may  be  available  in  order 
to  facilitate  prompt  payment.  The  sanctions  provided  under  Section  109  of  1  he 
Insurance  Act  may  be  invoked  against  those  insurers  not  following  these  pro- 
cedures. 


382 


ANNUAL  REPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

(5) 

January  22,  1973 

TO:  All  Proprietor  Insurance  Adjusters 

1  have  today  found  it  necessary  to  take  disciplinary  action  against  two 
proprietors  of  an  adjusting  firm  for  their  conduct  in  connection  with  the  settle- 
ment of  a  claim  to  the  extent  that  one  proprietor's  licence  has  been  suspended 
and  the  other  reprimanded  and  continues  to  be  licensed  only  on  a  conditional 

basis. 

1  believe  it  necessary  to  inform  all  proprietors  of  the  findings  and  action  taken 
in  order  that  it  might  serve  as  a  caution  to  all  proprietors  and  their  employee 
adjusters  in  the  conduct  of  their  businesses. 

The  effect  of  the  findings  of  my  Advisory  Board,  which  I  have  concurred  in, 
may  be  summarized  as  follows: 

(1)  It  is  the  duty  of  any  proprietor  adjuster  to  see  that  full  and  prompt  dis- 
closure is  made  to  his  principal,  the  employing  insurer,  of  any  proposed 
acquisition  by  himself  or  any  employee  of  the  firm  of  any  financial 
interest  in  property  that  is  subject  to  adjustment  by  the  firm.  No  such 
transaction  should  be  proceeded  with  without  the  full  and  complete 
disclosure  to  the  employing  insurer  and  its  unqualified  approval. 

(2)  In  the  adjustment  of  a  claim  for  property  damage  and  personal  injuries, 
an  inflated  personal  injury  claim  should  not  be  put  forth  to  cover  any 
supposed  deficiency  that  might  be  forthcoming  in  the  settlement  of  the 
property  damage  claim.  It  is  clearly  not  the  role  of  adjusters  to  advance 
or  promote  such  theories  or  opinions  to  the  public  nor  to  in  any  way 
assist  in  the  fabrication  of  a  claim.  Any  adjuster  so  doing  fails  to  meet 
his  responsibility  to  the  insuring  public  by  promoting  the  filing  of  false 
claims  to  the  prejudice  of  the  public.  Claims  are  to  be  adjusted  and 
presented  factually,  fairly  and  promptly  on  their  merits. 

There  are  published  Principles  regarding  the  licensing  of  adjusters  by  this 
office.  These  include  a  code  of  ethics  as  agreed  to  with  The  Ontario  Insurance 
Adjusters  Association.  I  ask  all  proprietors  to  re-affirm  these  ethics  and  to  ensure 
that  their  employee  adjusters  have  done  so. 

Let  it  be  clearly  understood  that  failure  to  adhere  to  these  principles  will  not 
be  condoned  and  will  only  jeopardize  the  continued  licensing  of  those  who  fail 
to  meet  these  standards. 

(6) 

May  15,  1973 

TO:  All  Insurers  Transacting  Life,  Accident  and  Sickness  Insurance 

Guideline  respecting  Mass  Advertising  of 
Life,  Accident  and  Sickness  Insurance 

1.  Purpose 

The  purpose  of  this  Guideline  is  to  assure  truthful  and  adequate  disclosure 
in  all  advertisements  and  related  literature  used  in  the  mass  solicitation  of  life, 
accident  and  sickness  insurance.  It  is  intended  that  this  purpose  be  accomplished 


APPENDICES  FOR  1973 


383 


APPENDIX  V  (cont'd) 

by  the  establishment  of,  and  adherence  to,  certain  minimum  standards  of  conduct 
in  the  mass  advertising  of  life,  accident  and  sickness  insurance  in  a  manner  which 
avoids  unfair  competition  among  insurers  and  is  conducive  to  the  accurate 
presentation  and  description  to  the  public  of  such  insurance  offered  through 
various  mass  advertising  media. 

2.  Application 

This  Guideline  is  directed  to  the  use  of  "coupon"  advertisements  in  news- 
papers, magazines,  direct  mail  or  brochures  on  counters,  that  constitute  a  direct 
invitation  to  contract  for  life  or  accident  and  sickness  insurance. 

For  the  purpose  of  this  Guideline,  such  "coupon"  advertisements  include: 

(a)  a  direct  or  principal  sales  inducement  designed  to  invite  the  public  to 
contract  with  the  facility  to  contract,  by  the  inclusion  of  an  application 
for  insurance  for  the  issue  of  an  individual  contract  to  the  applicant, 

(b)  a  broad  description  of  coverage  designed  to  invite  the  public  to  request 
an  application  for  insurance  with  additional  printed  material  by  way  of 
explanation  for  the  purpose  of  issuing  an  individual  contract  of  insur- 
ance to  the  applicant. 

In  such  instances  the  advertisement  is  an  essential  part  of  the  understanding 
by  the  public  of  what  the  insurance  provides.  It  must  be  recognized  that  all 
exceptions,  reductions  and  limitations  of  coverage  must  be  clearly  set  forth  and 
disclosed. 

3.  Specific  Interpretation 

(a)  For  the  purpose  of  this  Guideline,  an  advertisement  shall  include: 

(i)  printed  and  published  material  and  descriptive  literature  of  an 
insurer  used  in  newspapers,  magazines,  and  radio  and  T.V.  scripts 
in  conjunction  therewith; 

(ii)  illustrations,  circulars,  memoranda,  booklets  and  form  letters  of  all 
kinds  including  related  outgoing  and  business-reply  envelopes  or 
cards  mailed  by  an  insurer,  without  solicitation,  on  a  mass  solicita- 
tion basis  to  members  of  the  public;  and 

(iii)  brochures,  pamphlets  and  other  printed  literature  displayed  by  an 
insurer  or  agent  on  store  counters,  booths  and  other  public  places 
for  purposes  of  information  or  distribution  to  members  of  the  public. 

(b)  All  such  advertisements  regardless  by  whom  written,  created,  designed 
or  presented,  shall  be  the  primary  responsibility  of  the  insurer  whose 
name  and  policies  are  so  advertised. 

(c)  This  Guideline  shall  also  apply  to  agents  and  brokers  to  the  extent  only 
that  they  are  responsible  for  the  advertisement  of  any  individual  policy. 

(d)  This  Guideline  shall  not  apply  to  variable  or  equity-linked  contracts  of 
life  insurance  and  information  folders  pertaining  thereto  within  the 
meaning  of  The  Insurance  Act  and  Regulation  thereunder. 

4.  Advertisements  in  General 

(a)  Advertisements  shall  be  truthful  and  not  misleading  in  fact  or  in  impli- 
cation. 


384 


ANNUAL  REPORT-SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

U>)  As  a  general  principle,  words  or  phrases  which  are  commonly  under- 
stood  by  the  public  with  respect  to  insurance,  for  example,  such  words  or 
phrases  as  premiums,  policies,  contracts,  cancellation,  reinstatement, 
grace  period,  capital,  assets,  investments,  insured,  policyholders,  insur- 
ance company  and  insurance,  usually  need  not  be  further  qualified  in 
the  context  of  the  advertisement.  However,  certain  words  or  phrases, 
unless  adequately  clarified  in  the  context  of  the  advertisement,  may 
mislead  those  who  are  not  familiar  with  insurance  terminology.  For 
example,  terms  such  as  "cash  value",  "cash  surrender  value"  and  "loan 
value",  should  not  be  used  unless  such  terms  are  clearly  defined  in  the 
advertisement. 

(c)  Advertisements  shall  not  contain  statements  that  the  policy  advertised 
is  a  "low  cost  plan"  because  no  insurance  agent  is  involved  in  the  sale  of 
the  policy  and  no  commission  is  payable  when,  in  fact,  the  expense  of 
advertising  and  servicing  such  policies  forms  a  substantial  cost  factor  in 
the  marketing  of  policies  so  advertised. 

(d)  Terms  which  normally  connote  variable  or  equity-linked  life  insurance 
contracts,  such  as  "growth"  or  "growth  life"  may  not  be  used  in  ad- 
vertisements to  which  this  Guideline  applies. 

5.     Advertisements  of  Benefits  Payable,  Losses  Covered  or  Premiums  Payable 

(a)  Deceptive  words,  phrases  or  illustrations 

Words,  phrases  or  illustrations  shall  not  be  used  in  a  manner  which  mis- 
leads, is  incomplete,  or  has  the  capacity  and  tendency  to  deceive  as  to 
the  extent  of  any  policy  benefit  payable,  loss  covered  or  premium 
payable. 

(b)  Exceptions,  Reductions  and  Limitations 

(i)  When  an  advertisement  refers  to  dollar  amount,  period  of  time  for 
which  any  benefit  is  payable,  cost  of  policy  or  specific  policy 
benefit,  or  the  loss  for  which  such  benefit  is  payable,  it  shall  also 
clearly  disclose  in  conjunction  therewith,  and  in  close  proximity 
thereto,  in  equally  prominent  print,  those  exceptions,  reductions, 
exclusions,  and  limitations  that  affect  the  basic  provisions  and 
intent  of  the  policy. 

(ii)  Any  exception,  reduction  or  limitation  in  a  policy  shall  not  be 
worded  in  a  positive  manner  to  imply  that  it  is  a  benefit;  for  example, 
statements  such  as  "even  pre-existing  conditions  are  covered  after 
two  years",  shall  be  avoided. 

(iii)  Any  such  exception,  reduction  or  limitation  as  to  a  benefit  under  the 
policy  shall  be  printed  with  typeface  at  least  as  large  and  prominent 
as  the  typeface  which  states  the  benefit. 

(c)  Premium  Change 

Where  a  premium  is  subject  to  change  the  advertisement  shall  state 
clearly  the  circumstances  and  manner  of  the  change. 

In  particular,  the  date  of  commencement  and  the  period  of  time  for  which 
any  benefit  is  payable  under  the  policy,  and  particulars  in  dollar  amounts  of  any 
scheduled  changes  in  premium  rates  after  the  first  or  initial  premium  payable 
for  the  coverage,  shall  be  clearly  set  out  in  the  advertisement. 


APPENDICES  FOR  1973 


385 


APPENDIX  V  (cont'd) 

6.  Exaggerated  Statements 

For  the  purpose  of  this  Guideline,  an  insurer  shall  not  in  any  advertisement 
exaggerate  the  extent  of  policy  benefits  or  minimize  costs  by  using  phraseology 
which  either  overstates  benefits,  or  is  so  incomplete  that  the  reader  might  normally 
be  left  with  an  exaggerated  impression  of  the  benefits  described. 

7.  Benefits  Supplemental  to  Provincial  Medicare  Plans 

(a)  Advertising  of  policies  which  are  specifically  tailored  to  supplement 
benefits  available  under  Provincial  medicare  plans  shall  disclose  clearly 
benefits  the  policy  is  designed  to  supplement,  for  example,  hospital 
benefits  only  and  benefits  it  will  not  supplement. 

(b)  Advertisements  shall  not  emphasize  the  total  amounts  payable  under 
hospital  indemnity  coverage  or  other  benefits  in  such  policy,  such  as 
benefits  for  private  duty  nursing,  unless  it  provides  with  substantially 
equal  prominence  and  in  close  conjunction  with  such  statements,  the 
restrictions  or  limitations  on  the  amounts  payable  for  such  indemnity 
or  benefit. 

(c)  In  particular,  advertisements  of  such  hospital  or  medical  benefits, 
payment  of  which  is  conditional  upon  confinement,  shall  not  contain 
statements  implying  that  the  benefit  is  payable  on  a  monthly  or  weekly 
basis  only,  when,  in  fact,  the  amount  of  the  benefit  payable  is  determined 
on  a  daily  pro  rata  basis  related  to  the  number  of  days  of  confinement. 

(d)  Where  payment  of  such  hospital  or  other  benefits  is  conditional  upon 
confinement  in  a  hospital  or  similar  facility,  there  should  not  be  used 
in  the  advertisement  with  respect  thereto  words  or  phrases  such  as 
"tax  free",  "extra  cash",  "extra  income",  "extra  pay",  or  words  or 
phrases  of  similar  import  which  have  the  capacity  and  tendency  to 
deceive  or  mislead  the  public  into  believing  that  the  policy  advertised 
will  enable  some  profit  to  be  derived  from  hospitalization. 

(e)  Advertisements  of  hospital  or  medical  or  disability  benefits  shall  not 
contain  statements  that  the  prospect  requires  or  needs  the  coverage 
offered  therein  but  can  state  the  reason  why  the  prospect  may  need  or 
want  such  coverage. 

8.  Immediate  Coverage  or  Guaranteed  Issuance  of  a  Policy 

Any  solicitation  which  states  or  implies  immediate  coverage  or  guaranteed 
issuance  of  a  policy  shall  be  made  only  if  the  insurer  has  suitable  administrative 
facilities  so  that  the  policy  can  be  issued  or  immediate  coverage  otherwise  docu- 
mented within  a  reasonable  time  after  the  application  is  received. 

9.  Medical  Examination  and  Pre-existing  Conditions 

(a)  The  phrase  "no  medical  examination  required"  or  a  phrase  of  similar 
import  shall  not  be  used  unless 
(i)  the  phrase  is  qualified  to  indicate  that  it  applies  only  to  the  issuance 
of  the  policy  or  to  both  issuance  of  the  policy  and  payment  of 
claims,  whichever  the  case  may  be  (for  example,  "no  medical 
examination  required  to  apply",  "no  medical  examination  to  apply 
for  the  policy  or  any  benefits")  and 


ANNUAL  REPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

(ii)  additional  wording  is  included  in  close  conjunction  with  the  phrase 
to  Indicate  any  time  period  following  the  effective  date  of  the 
policy  during  which  losses  attributable  to  pre-existing  conditions 
arc  not  covered  during  the  first      years  the  policy  is  in  force 

(b)  Advertisements  shall  further  disclose  the  exceptions,  reductions,  and 
limitations  that  affect  the  basic  provisions  of  the  policy  without  which 
the  advertisement  would,  or  might  have,  the  capacity  and  tendency 
to  mislead,  confuse,  or  deceive.  For  example,  an  exclusion  or  reduction 
for  loss  due  to  pre-existing  physical  impairment  shall  be  disclosed  clearly 
in  the  advertisement,  as  shall  the  fact  that  loss  due  to  certain  illnesses 
or  physical  conditions  is  not  covered  or  will  result  in  a  reduction  of 
benefits,  if  such  is  the  case. 

10.  Rcnewability,  Cancellability ,  Termination  and  Modification  of  Policy  Benefits 

(a)  An  advertisement  which  refers  to  renewability,  cancellability,  or 
termination  of  a  policy,  shall  disclose  the  provisions  relating  to  renew- 
ability, cancellability  and  termination  in  such  manner  as  shall  not 
understate  or  render  obscure  the  qualifying  conditions. 

(b)  An  advertisement  which  refers  to  a  policy  benefit,  or  which  states  or 
illustrates  time  or  age  in  connection  with  eligibility  of  applicants  or 
continuation  of  the  policy,  shall  disclose  any  modification  of  benefits, 
losses  covered  or  premiums  because  of  age  or  for  other  reasons,  in  such 
manner  as  shall  not  understate  or  render  obscure  the  qualifying  condi- 
tions. 

11.  Testimonials 

All  testimonials  used  in  advertisements  shall  be  genuine  and  must  not  be 
fictitious.  They  must  be  accurate  and  precise  and  represent  the  reasonably  cur- 
rent opinion  of  the  author.  They  should  be  restricted  and  confined  to  testimonials 
of  a  general  nature  or  character  wherein  the  author  may  state  that  he  or  she  has 
knowledge  of  the  insurer  presenting  the  offering,  is  aware  of  its  present  offering 
to  the  public,  is  grateful  for  prompt  and  courteous  treatment  received  in  the  past, 
and  its  reputation  for  prompt  payment  of  claims,  and  may  then  invite  the 
prospect  or  reader  to  consider  the  current  offering  and  come  to  his  own  conclusion 
as  to  the  benefits  thereof.  Where  a  testimonial  or  a  recommendation  is  paid  for 
directly  or  indirectly  by  the  insurer,  or  on  its  behalf  by  anyone  else,  the  advertise- 
ment shall  so  state.  In  using  a  testimonial,  the  insurer  shall  be  deemed  to  assume 
as  its  own  all  of  the  statements  contained  therein  and  the  advertisement  including 
such  statements  is  subject  to  all  of  the  provisions  of  this  Guideline. 

12.  Use  of  Statistics 

(a)  An  advertisement  referring  to  the  dollar  amounts  of  claims  paid,  the 
number  of  persons  insured,  or  similar  statistical  information  relating 
to  any  insurer  or  policy  shall  not  be  used  in  any  way  that  is  misleading 
in  respect  to  such  information. 

(b)  The  source  of  any  statistics  used  in  an  advertisement  shall  be  clearly 
identified  in  such  advertisement. 


APPENDICES  FOR  1973   ^! 


APPENDIX  V  (cont'd) 

13.  Free  Inspection  of  Policy  or  Premium  Refund 

An  offer  in  an  advertisement  of  free  inspection  of  the  policy  or  offer  of  a 
premium  refund  shall  not  in  any  way  avoid  compliance  with  the  requirements  of 
this  Guideline. 

14.  Unfair  and  Disparaging  Comparisons 

An  advertisement  shall  not  directly  or  indirectly  make  unfair  or  incomplete 
comparisons  of  policies  or  benefits,  or  otherwise  falsely  disparage  the  policies, 
services  or  business  methods  of  competitors. 

15.  Identity  of  Insurer 

An  advertisement  shall  properly  identify  the  insurer  concerned  and  shall  not 
use  a  trade  name,  service  mark,  slogan,  symbol,  or  other  device  which  has  the 
capacity  and  tendency  to  mislead  or  deceive  as  to  the  true  .dentity  of  the  insurer. 
However  the  insurer  is  identified  in  the  advertisement,  its  full  corporate  name 
shall  be  prominently  shown  on  the  accompanying  application  for  insurance. 

16.  Introductory,  Initial  or  Special  Offers 

(a)  An  advertisement  shall  not  state  or  imply  that  a  particular  policy  or 
combination  of  policies  is  an  introductory,  initial,  or  special  offer  and 
that  the  applicant  will  receive  advantages  by  accepting  the  otter,  or 
that  the  offer  is  limited  to  a  specified  group  of  individuals,  unless  such 
is  the  fact. 

(b)  An  advertisement  shall  be  so  designed  and  worded  that  from  any  refer- 
ence to  premiums  a  prospect  will  be  able  readily  to  determine  from  the 
advertisement  the  amount  of  the  premium  and  any  subsequent 
premiums.  No  special  introductory  premium,  however,  shall  be  ottered 
in  an  advertisement,  other  than  an  actuarially  sound  preliminary  term 
premium.  An  insurer  may,  however,  provide  coverage  prior  to  the  due 
date  of  the  first  premium. 

(c)  An  advertisement  shall  not  contain  any  statement  or  implication  to  the 
effect  that  only  a  specific  number  of  policies  will  be  sold,  or  that  a  time 
is  fixed  for  the  discontinuance  of  the  sale  of  the  particular  policy  ad- 
vertised because  of  special  advantages  available  in  the  policy,  or  that  an 
individual  will  receive  special  advantages  by  enrolling  within  an  open 
enrollment  period  or  by  a  deadline  date,  unless  such  is  the  tact. 

17.  Settlement  of  Claims 

An  advertisement  shall  not  contain  misleading  statements  with  respect  to 
the  time  within  which  claims  are  paid  or  statements  which  imply  that  claim  settle- 
ments will  be  liberal  or  generous  beyond  the  terms  of  the  policy. 

18    Financial  and  Other  Status  of  Insurer 

(a)  Any  statement  in  an  advertisement  relating  to  the  insurer's  assets, 
corporate  structure,  financial  standing,  age  or  relative  position  in  the 
insurance  industry  shall  be  factually  correct. 

(b)  An  advertisement  shall  not  contain  statements,  words,  phrases,  symbols 
or  other  features  which  create  or  tend  to  create  the  impression  directly 
or  indirectly  that  the  insurer,  its  financial  condition  or  status,  or  the 


3SS 


AN  M  AI.  RKPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

payment  of  its  claims  or  the  merits,  desirability  or  advisability  of  its 
policy  forms  or  plans  of  insurance,  or  the  advertisement,  are  approved  or 
endorsed  by  any  division  or  agency  of  a  Provincial  government. 

19.  Disclosure  in  General  and  Listing  of  Qualifications,  etc. 

(a)  All  information  required  to  be  disclosed  shall  be  set  out  conspicuously 
and  in  close  conjunction  with  the  statements  to  which  the  information 
relates,  or  under  appropriate  captions  of  such  prominence  that  it  shall 
not  be  minimized,  rendered  obscure  or  presented  in  an  ambiguous 
fashion  or  intermingled  with  the  context  of  the  advertisements  so  as  to 
be  confusing  or  misleading. 

(b)  The  purpose  is  to  ensure  that  all  information  will  be  disclosed  under  one 
of  the  alternative  methods  in  the  preceding  paragraph  in  such  a  manner 
that  the  arrangement  of  the  material  itself  will  not  have  the  capacity 
and  tendency  to  confuse  or  mislead. 

(c)  In  particular,  and  without  prejudice  to  the  generality  of  the  preceding 
paragraphs,  every  advertisement  describing  the  particular  benefits  of  a 
policy  shall  include  in  the  first  page,  or  if  the  advertisement  is  contained 
in  a  single  page,  prominently  at  or  near  the  top  of  that  page,  in  print  as 
large  as  any  other  print  used  therein,  under  the  heading  of  "Qualifica- 
tions, Exclusions  or  Reductions",  a  list  of  all  qualifications,  exclusions  or 
reductions  affecting  the  issuance  of  the  policy,  the  payment  of  the 
policy  premium  or  the  recovery  of  the  policy  benefits. 

20.  Filing  Requirements 

A  text  of  the  advertisement  to  be  used  by  an  insurer  for  mass  solicitation, 
which  contains  an  application  for  the  coverage  described  therein,  shall  be  filed 
with  the  Superintendent  at  least  thirty  days  before  publication  of  such  material 
together  with  a  specimen  copy  of  the  policy  to  be  issued  in  respect  of  such  cover- 
age and  a  final  proof  of  the  advertisement  as  soon  as  available. 


(7) 

May  25,  1973 

TO:  Chief  Executive  Officer, 

All  Insurers  Transacting  Automobile  Insurance  in  Canada 

Re:  Automobile  Statutory  Condition  2 

Legislation  is  recommended  for  enactment  in  all  of  the  common  law  pro- 
vinces, subject  to  proclamation,  to  remove  the  statutory  condition  in  the  standard 
automobile  policies  with  respect  to  driving  while  under  the  influence  of  intoxica- 
ting liquor  or  drugs. 

Removal  of  this  statutory  condition  is  intended  to  clarify  the  position  of  the 
person  suffering  injury  or  damage  in  an  automobile  accident  and  should  expedite 
claims  settlements  under  third  party  coverage.  However,  it  is  still  the  general 
feeling  that  a  person  who  drives  or  operates  an  automobile  while  under  the 


APPENDICES  FOR  1973 


389 


APPENDIX  V  (cont'd) 

influence  of  intoxicating  liquor  or  drugs  to  the  extent  of  being  ^Pable  ^ 
control  or  who  is  in  violation  of  the  Criminal  Code  by  so  doing,  should  not 
receive  the  benefit  of  collision  insurance. 

Accordingly,  Section  «C  of  SPF  No.  1  and  SPF  No.  4  has  been  amended  by 
the  addition  of  the  following  exclusion  and  should  be  incorporated  m  such  policies 
at  the  next  reprinting.  The  appropriate  reference  will  be  exclusion  (l)(h)  under 
SPF  No.  1  and  exclusion  (2)(j)  under  SPF  No.  4. 

" where  the  insured  drives  or  operates  the  automobile 
SPF  1  (l)(h)        (i)  while  under  the  influence  of  intoxicating  liquor  or  drugs  to 

SPF  4  (2)0)  such  an  extent  as  to  be  f°r  the  time  being  incapable  °f 

proper  control  of  the  automobile;  or 

(ii)  while  in  a  condition  for  which  he  is  convicted  of  an  offence 
under  section  234  or  section  236  of  the  Criminal  Code 
(Canada)  or  under  or  in  connection  with  circumstances  for 
which  he  is  convicted  of  an  offence  under  section  235(2)  of 
the  Criminal  Code  (Canada); 
In  addition  a  further  exclusion  is  required  with  respect  to  the  insured  allowing 
other  persons  to  operate  the  automobile  while  impaired. 
In  SPF  1  the  exclusion  would  be  as  follows: 

(1)  "(i)  where  the  insured  permits,  suffers,  allows  or  connives  at  the  use  of 
the  automobile  by  any  person  contrary  to  the  provisions  of  (h). 

In  SPF  4  the  exclusion  would  be  as  follows: 

(2)  "(k)  where  the  insured  permits,  suffers,  allows  or  connives  at  the  use  of 
the  automobile  by  any  person  contrary  to  the  provision  of  (]). 


(8) 

July  16,  1973 

TO:  Chief  Executive  Officer 

All  Insurers  Transacting  Automobile  Insurance  in  Ontario 

Re:  Automobile  Statutory  Condition  2 

A  Proclamation  has  been  issued  naming  September  1,  1973  as  the  effective 
date  upon  which  section  8  of  The  Insurance  Amendment  Act,  1972,  b.U.  lU/z 
Chapter  66  comes  into  force. 

This  amendment  deletes  the  part  of  Automobile  Statutory  Condition  2 
dealing  with  driving  an  automobile  while  under  the  influence  of  intoxicating 
liquor  or  drugs. 

Accordingly,  the  following  announcement  has  been  published  in  the  Ontario 
Gazette  on  July  14,  1973: 

The  Standard  Automobile  Policy  (Owner's  Form)  S.P.F.  No  1,  published 
in  the  Ontario  Gazette  on  February  5,  1972,  is  amended  effective  September  1, 


300 


ANNUAL  REPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

L973,  i1}'  the  add  it  ion  of  the  following  exclusions  1(h)  and  (i)  to  Section  "C"  Loss 
of  or  Damage  to  Insured  Automobile: 

(h)  where  the  insured  drives  or  operates  the  automobile 

(i)  while  under  the  influence  of  intoxicating  liquor  or  drugs  to  such  an 
extent  as  to  be  for  the  time  being  incapable  of  the  proper  control  of 
the  automobile,  or 

(ii)  while  in  a  condition  for  which  he  is  convicted  of  an  offence  under 
section  234  or  section  236  of  the  Criminal  Code  (Canada)  or  under 
or  in  connection  with  circumstances  for  which  he  is  convicted  of  an 
offence  under  section  235(2)  of  the  Criminal  Code  (Canada)  or 

(i)  where  the  insured  permits,  suffers,  allows  or  connives  at  the  use  of  the 
automobile  by  any  person  contrary  to  the  provisions  of  (h) 

and  Statutory  Condition  2  is  deleted  and  replaced  by  the  following: 

2.  (1)  The  insured  shall  not  drive  or  operate  the  automobile, 

(a)  unless  he  is  for  the  time  being  either  authorized  by  law  or 
qualified  to  drive  or  operate  the  automobile,  or 

(b)  while  his  licence  to  drive  or  operate  an  automobile  is  suspended 
or  while  his  right  to  obtain  a  licence  is  suspended  or  while  he  is 
prohibited  under  order  of  any  court  from  driving  or  operating 
an  automobile,  or 

(c)  while  he  is  under  the  age  of  sixteen  years  or  under  such  other 
age  as  is  prescribed  by  the  law  of  the  province  in  which  he 
resides  at  the  time  this  contract  is  made  as  being  the  minimum 
age  at  which  a  licence  or  permit  to  drive  an  automobile  may  be 
issued  to  him,  or 

(d)  for  any  illicit  or  prohibited  trade  or  transportation,  or 

(e)  in  any  race  or  speed  test. 

(2)The  insured  shall  not  permit,  suffer,  allow  or  connive  at  the 
use  of  the  automobile, 

(a)  by  any  person, 

(i)  unless  that  person  is  for  the  time  being  either  authorized 
by  law  or  qualified  to  drive  or  operate  the  automobile,  or 

(ii)  v/hile  that  person  is  under  the  age  of  sixteen  years  or  under 
such  other  age  as  is  prescribed  by  the  law  of  the  province 
in  which  he  resides  at  the  time  this  contract  is  made  as 
being  the  minimum  age  at  which  a  licence  or  permit  to 
drive  an  automobile  may  be  issued  to  him,  or 

(b)  by  any  person  who  is  a  member  of  the  household  of  the  insured 
while  his  licence  to  drive  or  operate  an  automobile  is  suspended 
or  while  his  right  to  obtain  a  licence  is  suspended  or  while  he  is 
prohibited  under  order  of  any  court  from  driving  or  operating 
an  automobile,  or 

(c)  for  any  illicit  or  prohibited  trade  or  transportation,  or 

(d)  in  any  race  or  speed  test. 


Prohibited 
use  by 
Insured 


Prohibited 
use  by 
others 


APPENDICES  FOR  1973 


391 


APPENDIX  V  (cont'd) 

(9) 


TO:  The  Chief  Executive  Officer 

All  Fraternal  Societies  Licensed  in  Ontario 


August  28,  1973 


Premium  Tax 

As  you  are  undoubtedly  aware,  The  Corporations  Tax  Amendment  Act, 
1972,  is  now  law. 

The  provisions  of  section  18  of  the  Act  will  require  all  Fraternal  Societies  to 
pay  premium  tax  with  respect  to  contracts  entered  into  after  the  1st  day  ot 
January,  1974. 

I  would  therefore  remind  all  licensed  Fraternal  Societies  that  they  should 
make  the  necessary  administrative  arrangement  for  examination  and  reporting 
purposes  prior  to  January  1,  1974. 


(10) 

November  30,  1973 

TO:  All  Life  and  Accident  and  Sickness 

Insurers  in  Ontario  Transacting  Creditors 
Group  Life  Insurance  and/ or  Creditors 
Group  Accident  and  Sickness  Insurance 

Creditors  Group  Insurance 

My  memorandum  of  June  27th,  1968,  brought  to  your  attention  practices 
which  in  my  opinion  were  improper  in  the  writing  of  this  coverage  and  which 
exposed  the  industry  to  serious  criticism.  As  a  result  of  a  selective  survey  of  certain 
of  these  types  of  contracts  recently  conducted  by  us  there  are  still  undesirable 
practices  prevalent. 

The  purpose  of  creditors  group  insurance  is  to  discharge  the  debt  obligations 
of  borrowers  to  their  creditors  when  death  or  disability  of  the  debtor  occurs.  It 
therefore  is  of  benefit  to  both  the  creditor  and  the  debtor.  I  find  it  necessary  to 
restate  this  purpose.  I  would  also  emphasize  the  importance  of  proper  disclosure 
to  the  insured  debtor. 

When  credit  life  or  accident  and  sickness  coverage  is  offered  on  loan  trans- 
actions the  cost  of  the  insurance  coverage  is  usually  identifiable  and  charged  as  a 
single  premium  directly  to  the  consumer  at  the  time  of  obtaining  the  loan  In  this 
manner  the  cost  of  the  insurance  is  paid  by  the  debtor  and  is  added  to  and  forms 
part  of  the  funds  loaned. 

Credit  insurance  is  also  written  in  a  manner  whereby  the  creditor  pays  the 
cost  and  there  is  no  identifiable  charge  to  the  consumer.  In  this  case  it  may  be 
said  that  the  cost  of  insurance  is  included  in  the  interest  rate  chargeable  on  the 
loan. 


sua 


ANNUAL  REPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

As  a  result  of  the  survey  made  by  my  office,  certain  conclusions  can  be  drawn. 
These  are; 

(1)  In  most  cases  where  experience  rating  refunds  under  the  group  contract 
are  being  paid  to  the  group  policyholder  (the  creditor)  they  are  being 
re  t ained  by  the  creditor  and  the  benefit  is  not  passed  on  to  the  indi- 
vidual debtors  who  pay  the  gross  premium  for  the  coverage. 

(2)  The  free  play  of  competition  in  premium  rates  for  creditors  group 
insurance  is,  in  some  instances,  hampered  by  the  fact  that  experience 
rating  refunds  are  not  passed  on  by  the  creditors  and  therefore  a  reverse 
competition  factor  exists  for  it  follows  that  the  higher  the  premium  is 
the  higher  the  refund  will  be. 

(3)  In  the  case  of  loans  where  specific  single  premium  charges  are  being 
made  at  the  time  of  the  loan  for  insurance  coverage  there  are  instances 
where  the  premiums  are  not  being  paid  over  to  the  insurance  company 
at  the  time  funds  are  loaned  to  the  debtor  but  are  retained  by  the 
creditor  and  not  paid  over  until  a  later  date.  There  is  no  evidence  of  the 
discounting  of  the  premiums  to  reflect  this  delay  in  payment  and  the 
interest  being  charged  to  the  debtor. 

(4)  Premiums  are  not,  in  all  cases  of  life  coverage,  being  calculated  on  the 
amount  required  to  discharge  the  loan  (the  net  debt)  but  on  the  gross 
debt  which  includes  the  anticipated  interest  over  the  term  of  the  loan 
whereas,  in  fact,  the  insurance  is,  or  should  be,  limited  to  the  net  debt. 

(5)  There  are  instances  of  policies  of  insurance  being  written  in  the  name  of 
parties  who  are  not  the  true  or  real  creditor  financing  the  loan  trans- 
action which  is  contrary  to  our  original  guideline. 

(6)  Claims  are,  in  many  cases,  being  settled  by  the  creditor  and  not  the 
insurer  thus  creating  a  possible  conflict  of  interest  situation  with  respect 
to  the  interests  of  both  the  borrower,  the  insurer,  and  other  members  of 
the  group. 

Therefore,  in  accordance  with  the  provisions  of  section  91  of  The  Insurance 
Act  I  require  all  life  and  accident  and  sickness  insurers  to  file  with  me  prior  to 
December  31,  1973,  a  copy  of  every  creditors  group  insurance  contract  in  force,  a 
sample  application  for  insurance  used  in  connection  therewith,  and  a  sample 
certificate  of  insurance  that  may  be  used  in  connection  therewith. 

Any  contract  that  does  not  meet  the  following  requirements  or  is  not  amended 
to  meet  such  requirements  on  or  before  its  1974  renewal  date  in  addition  to  the 
other  requirements  of  The  Insurance  Act,  will  be  put  forth  by  me  for  disallowance 
as  not  being  in  the  public  interest. 

For  the  purpose  of  providing  a  basis  for  the  sound  underwriting  and  market- 
ing of  creditors  group  insurance  consistent  with  the  overall  interest  of  the  insured 
debtor,  every  contract  of  creditors  group  insurance,  in  addition  to  other  required 
provisions,  shall  be  underwritten  on  the  following  basis; 

(1)   In  accordance  with  my  guideline  of  June  27th,  1968 

This  guideline  is  still  in  effect  and  has  been  published  in  my  annual 
reports  for  the  years  1971  and  1972. 


APPENDICES  FOR  1973    393 


APPENDIX  V  (cont'd) 

(2)  Amount  of  insurance 

The  amount  of  insurance  to  be  provided  under  a  contract  of  creditors 
group  life  insurance  for  an  individual  debtor  repayable  on  a  fixed 
instalment  basis  shall  not,  at  any  time,  exceed  the  outstanding  principal 
sum  and  interest  required  at  the  happening  of  the  eventuality  insured 
against  to  discharge  the  particular  loan  or  obligation  being  insured. 
The  contract  and  any  documentation  given  to  the  debtor  must  clearly 
indicate  the  amount  of  insurance  being  provided. 

(3)  Premium  Rates 

Premium  rates  to  be  charged  the  debtor  must  be  reasonable  in  relation 
to  the  benefits  provided.  Further  specific  requirements  and  forms  with 
respect  to  the  filing  of  policy  year  experience  and  expenses  will  be  forth- 
coming from  my  office.  Among  other  factors,  the  actual  year  to  year 
"loss  ratios"  will  be  monitored  and,  if  necessary,  a  minimum  loss  ratio 
will  be  established  in  order  to  give  further  substance  to  these  require- 
ments. 

(4)  Payment  of  Premium 

Where  the  debtor  is  charged  for  the  insurance  the  contract  shall  establish 
the  premium  to  be  charged  the  debtor  and  it  shall  not  be  greater  than 
the  premium  actually  paid  to  the  insurer  by  the  creditor.  The -contract 
shall  also  provide  that  all  insurance  premiums  collected  from  the 
debtor  by  the  creditor  shall  be  promptly  remitted  to  the  insurer. 

(5)  Experience  Refunds  Not  Allowed 

Experience  refunds  or  dividends  shall  not  be  directly  or  indirectly  paid 
out  under  a  creditors  group  insurance  contract  except  as  provided  tor 
below  and  except  under  those  contracts  where  the  premium  is  paid 
wholly  from  the  funds  of  the  creditor  without  a  specific  charge  to  the 
debtors  for  the  insurance.  The  contract  may,  however,  provide  tor 
experience  refunds  or  dividends  where  such  experience  refunds  or 
dividends  are  paid  retroactively  to  the  debtors,  are  applied  to  reduce 
premiums,  or  are  set  aside  as  a  special  fund  to  be  held  by  the  insurer 
for  the  purpose  of  reducing  future  premiums.  In  no  event  shall  any 
monies  in  the  special  fund  referred  to  above  be  directly  or  indirectly 
paid  to  the  creditor  during  the  existence  of  the  contract  or  after  its 
termination. 

(6)  Expense  Allowances  Payable  to  Creditor 

The  premium  collection  fee  provided  by  The  Insurance  Act  may  be  paid 
to  the  creditor  by  the  insurer  if  such  function  is  fully  carried  out  by  the 
creditor  at  his  expense. 

In  addition  to  the  premium  collection  expense  provided  for  above, 
the  contract  may  provide  that  the  insurer  may  reimburse  the  creditor 
for  such  administration  expenses  provided  such  expenses  are  reasonable 
in  relation  to  the  services  provided  and  are  not  calculated  as  a  percentage 
of  or  otherwise  related  to  the  premium  for  the  insurance. 

Notwithstanding  the  above,  no  compensation  reimbursement  or 
payment  of  anything  of  value  shall  be  made  to  a  creditor  either  directly 
or  indirectly  for  the  solicitation  or  negotiation  of  the  insurance. 


39  i 


ANNUAL  REPORT — SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

(7)    Cost  Disclosure 

There  shall  be  disclosed  on  the  debtor's  application  for  insurance  and 
any  certificate  issued  the  specific  premium  or  the  specific  additional 
interest  rate  actually  being  charged  to  the  debtor  for  the  insurance 
provided. 

(S)   Health  Restrictions 

(a)  Where  the  eligibility  for  insurance  under  a  contract  of  creditors 
group  insurance  or  the  insurance  coverage  thereunder,  is  con- 
ditioned on  health  or  subject  to  conditions  or  limitations  related 
thereto: 

(i)  the  application  for  the  insurance  shall  contain  specific  questions 
concerning  health;  or 

(ii)  the  conditions  or  limitations  related  to  health  to  which  the 
insurance  coverage  is  subject  shall  be  stated  in  specific  terms; 

and  any  questions  or  statements  that  are  not  framed  in  specific 
terms  or  that  may  require  clarification  by  the  applicant  for  the 
insurance  are  not  to  be  used. 

(b)  in  the  case  of  a  contract  for  creditors  group  insurance  where: 

(i)  a  specific  charge  is  levied  against  the  applicant;  or 

(ii)  the  eligibility  for  insurance  is  conditioned  on  health;  or 

(iii)  the  insurance  coverage  is  subject  to  conditions  or  limitations; 

a  copy  of  the  completed  application  or  other  form  signed  by  the 
applicant  shall  be  delivered  to  him  at  the  time  of  signing. 

(9)  Claims 

All  insurers  have  the  responsibility  for  the  settlement,  adjustment  and 
payment  of  claims  under  its  contract. 

The  contract  shall  therefore  expressly  provide  that  no  person,  firm, 
or  corporation  other  than  the  insurer  or  its  designated  claims  representa- 
tive shall  have  the  ultimate  authority  to  settle  or  adjust  claims  and  that 
the  creditor  may  not  be  designated  as  a  claims  representative  for  the 
insurer  in  settling  and  adjusting  claims.  The  contract,  or  a  separate 
agreement,  may  permit  a  group  policyholder  who  employs  persons  for 
administration  of  claims  and  insurance  and  who  are  not  directly  in- 
volved in  making  loans,  to  have  such  employees  draw  cheques  in  pay- 
ment of  claims  subject  to  audit  and  review  by  the  insurer  provided 
that  such  agreement  shall  not  relieve  the  insurer  of  its  responsibility 
for  proper  administration,  settlement  and  payment  of  claims. 

(10)  Limitation  on  Reinsurance  and  Coinsurance 

Insurers  and  reinsurers  shall  not  reinsure  or  share  the  insurable  risks 
under  a  creditors  group  insurance  contract  with  any  person  not  licensed 
to  be  an  insurer  in  Ontario. 

(11)  Good  Faith  Examination 

The  contract  shall  expressly  provide  that  the  insurer  shall  have  the  right 
to  make  a  good  faith  examination  of  each  creditor's  account  during  the 


APPENDICES  FOR  1973 


395 


APPENDIX  V  (cont'd) 

first  year  and  at  least  annually  thereafter  in  order  to  ensure  compliance 
with  the  contract,  The  Insurance  Act  and  the  regulations  thereto.  The 
examination  shall  verify  the  accuracy  of  premiums  or  other  identifiable 
insurance  charges  to  individual  debtors,  the  amounts  insured,  premium 
refunds,  and  claims  payments  which  have  been  reported  to  the  insurer. 

It  is  to  be  clearly  understood  that  insurers,  whether  or  not  they  are  a  principal 
party  to  the  contract,  should  avoid  the  use  of  pooling,  joint  experience  rating 
reciprocal  deposits,  reinsurance  or  any  other  device  or  arrangement  which  would 
negate  the  intent  of  these  rules. 

It  is  incumbent  upon  all  insurers  to  adhere  to  and  work  towards  the 
establishment  of  free  play  of  competition  in  the  setting  of  rates  for  creditors 
group  insurance. 

As  previously  stated  and  in  accordance  with  section  79  of  The  Insurance 
Act,  further  specific  reporting  requirements  and  forms  will  be  forthcoming  in  the 
immediate  future. 

(U) 

April  16,  1974 

TO:  All  Life  and  Accident  and  Sickness  Insurers  in  Ontario 
Transacting  Creditors'  Group  Life  Insurance  and/ or 
Creditors'  Group  Accident  and  Sickness  Insurance 

Creditors'  Group  Insurance 

Since  writing  to  you  on  November  30,  1973,  I  have  had  an  opportunity  to 
discuss  and  review  certain  practical  and  transitional  problems  arising  out  ot  the 
implementation  of  the  requirements,  under  my  memorandum,  with  members  ot 
the  industry  and  their  representative  Associations. 

The  purpose  of  this  letter  is  to  provide  certain  clarifications,  in  connection 
with  some  of  these  matters: 

1  The  filing  and  other  requirements  of  my  memorandum  apply  to  any 
"  group  contract  under  which  residents  of  Ontario  are  insured.  Any 
insurers  that  have  not  filed  such  contracts  with  this  Office,  should  do  so 
not  later  than  May  31,  1974. 
2.  The  filing  requirements  of  my  memorandum  are  intended  to  embrace 
any  amendments  to  contracts  that  were  in  force  at  December  31,  197d 
and  any  side  agreements  between  the  insurer  and  the  creditor  on  financial 
and/or  administrative  matters  that  are  not  dealt  with  m  the  group 
insurance  contract  itself.  The  same  filing  requirements  apply  to  all 
contracts  issued  on  or  after  January  1st,  1974.  Any  material  required  to 
be  filed  should  be  submitted  not  later  than  May  31,  1974,  on  thirty 
days  from  date  of  issue  of  the  contract  or  any  amendment  thereto,  it 
later. 

3  My  memorandum,  including  the  reporting  requirements  set  forth  in  my 
letter  of  March  4,  1974,  apply  to  any  closed  block  of  business  emanating 
from  policies  that  ceased  to  provide  new  coverage  prior  to  December  dl, 
1973,  or  at  any  time  thereafter. 


ANNUAL  REPORT— SUPERINTENDENT  OF  INSURANCE 


APPENDIX  V  (cont'd) 

-l.  My  memorandum  requires  that  any  contract  that  does  not  meet  the 
requirements  set  forth  therein  be  amended  on  or  before  its  1974  renewal 
date  to  meet  such  requirements.  There  has  been  some  apprehension  on 
the  ability  of  certain  insurers  to  comply  with  this  requirement  within  the 
prescribed  time.  I  am,  therefore,  prepared  to  give  consideration  to 
requests  from  an  insurer  that  the  1974  renewal  date  of  a  specific 
creditors'  group  contract  be  changed  to  a  date  not  later  than  July  1, 
1974.  Insurers  wishing  to  make  such  a  change  should  write  to  this 
Office,  giving  reasons  for  their  request.  The  change,  if  permitted,  must 
be  made  by  endorsement,  a  copy  of  which  should  be  filed  with  my 
Office. 

5.  In  prescribing  the  amount  of  insurance,  requirement  (2)  of  my  memor- 
andum, refers  to  a  contract  of  creditors'  group  life  insurance  for  an 
individual  debtor  repayable  on  a  fixed  instalment  basis.  This  should 
read  "a  contract  of  creditors'  group  life  insurance  for  an  individual 
debtor,  who  repays  his  debt  on  a  fixed  instalment  basis." 

6.  Requirement  (4)  of  my  memorandum  states  that  the  contract  shall  be 
amended  to  provide  that  premiums  collected  from  debtors  by  the 
creditor  shall  be  promptly  remitted  to  the  insurer.  A  question  has 
arisen  on  the  retroactivity  of  this  requirement.  A  contract  of  creditors' 
group  insurance  may  be  amended  to  provide  for  the  application  of  this 
requirement  to  future  premiums  without  retroactive  effect  on  past 
premiums  collected  on  insurance  coverage  written  prior  to  the  1974 
renewal  date,  if: 

(a)  a  request  for  the  segregation  of  business  referred  to  in  paragraph  7 
herein  is  submitted  and  accepted  by  my  Office,  and 

(b)  the  insurer  concerned  undertakes  to  assume  the  liability  of  continu- 
ing the  existing  insurance  on  such  debtors  or  to  refund  to  them  the 
unearned  premiums,  as  if  the  premiums  had  actually  been  remitted 
to  it.  This  undertaking  should  be  given  by  means  of  an  endorse- 
ment to  the  contract  itself,  a  copy  of  which  should  be  forwarded  to 
my  Office  not  later  than  July  1,  1974. 

7.  In  connection  with  the  implementation  of  requirement  (5),  there  arose 
the  question  of  the  treatment  of  dividends  or  experience  rating  refunds 
generated  by  insurance  written  prior  to  the  1974  renewal  date  of  the 
contract,  for  which  a  specific  charge  has  been  paid  by  the  debtor.  I 
would  be  prepared  to  consider  requests  by  insurers  to  segregate  such 
business,  so  that  retroactivity  of  requirement  (5)  would  not  be  required 
to  be  written  into  the  contract  subject  to  the  following  conditions: 

(a)  such  segregation  must  be  effective  from  the  1974  renewal  date  and 
must  be  applicable  to  all  creditors'  group  insurance  coverage 
subject  to  requirement  (5)  of  my  memorandum,  which  was  in 
effect  on  such  date  with  the  creditor. 

(b)  such  business  must  be  permanently  segregated  from  that  written 
subsequent  to  the  1974  renewal  date,  except  that  any  surplus  (not 
deficit)  arising  from  such  business  may  be  allocated  to  the  accounts 
for  any  business  written  subsequent  to  the  1974  renewal  date. 


APPENDICES  FOR  1973 


397 


APPENDIX  V  (cont'd) 

(c)  dividends  or  experience  rating  refunds  on  such  business  shall  not  be 
paid  to  the  creditor  with  respect  of  any  period  ending  more  than 
two  years,  after  the  1974  renewal  date  and, 

(d)  the  request  must  be  in  writing  and  should  be  submitted  to  this  Office 
not  later  than  July  1,  1974. 

8  Requirement  (10)  of  my  memorandum  provides  that  risks  under  a 
creditors'  group  insurance  contract  should  not  be  shared  or  reinsured 
with  insurers  not  licensed  in  Ontario.  The  purpose  of  this  requirement 
was  to  enable  my  Office  to  examine  the  operation  of  any  reinsurer  that 
may  be  involved  in  such  transactions.  It  has  now  been  recognized  that 
there  may  be  cases  where  this  requirement  would  not  be  applicable,  lo 
determine  each  case,  it  will  be  necessary  for  prime  insurers  to  forward 
to  this  Office  the  details  of  any  agreements  with  unlicensed  insurers  or 
reinsurers,  prior  to  July  1,  1974.  In  recognition  of  the  need  for  these 
arrangements,  the  insurer  may  then  be  requested  by  this  Office  to 
include  certain  undertakings  in  such  agreements. 

9.  Requirement  (5)  of  my  memorandum  provides  that  dividends  or 
experience  refunds  are  permissible  where  they  are  applied  to  reduce 
premiums".  The  wording  should  be  understood  to  read  to  reduce  or 
stabilize  premiums",  as  the  case  may  be.  Stabilizing  premiums  should  be 
construed  to  mean  the  use  of  such  funds,  where  actual  experience 
warrants,  to  prevent  an  increase  in  the  premium  rates  charged  to 
debtors  or  to  limit  the  amount  of  such  increase. 

10  Requirement  (7)  of  my  memorandum  states  that  the  specific  premium 
or  additional  interest  rate  shall  be  disclosed  in  the  application  and  any 
certificate  issued.  For  the  purposes  of  compliance,  it  will  suffice  if  such 
disclosure  is  made  in  either  of  these  documents. 

11.  My  memorandum  states  that  insurers  should  avoid  the  use  of  joint 
experience  rating  or  any  other  device  or  arrangement  which  would 
negate  the  intent  of  my  rules.  In  response  to  questions  that  have  been 
raised,  I  wish  to  confirm  that  any  joint  experience  rating,  transfer  ot 
surplus  (or  deficit),  or  other  offset  arrangement  involving  a  contract  (or 
part  of  a  contract)  that  provides  for  a  specific  charge  to  debtors  and  one 
that  does  not,  will  be  viewed  as  contrary  to  my  rules. 

12.  Some  insurers  have  requested  our  general  comments,  in  connection  with 
their  submissions  of  contractual  material.  It  is  not  the  intention  ot  this 
Office  to  make  such  comments  at  this  stage,  although  we  may  make  our 
views  known  after  completing  our  review  of  any  amendments  and/or  ol 
the  Experience  Report  Forms  that  should  be  forthcoming  in  connection 
with  these  submissions.  However,  since  the  approval  of  my  Office  to 
such  contracts  is  not  required,  it  should  be  emphasized  that  the  final 
responsibility  for  complying  with  the  requirements,  under  my  memor- 
anda, rests  solely  with  the  insurer  concerned. 


BINDING  SECT. 


CP
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